Second-Largest SPAC Transaction Announced to Date
CORAL GABLES, Fla.–(BUSINESS WIRE)–MSP Recovery, Inc. (“MSPR”), a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader and technology innovator, announced that its Class A Common Stock and warrants will begin trading on May 24, 2022 on Nasdaq under the symbol “MSPR” following today’s completion of a business combination with Lionheart Acquisition Corporation II (“LCAP”).
As previously announced, LCAP’s warrants, each to purchase one share of Class A Common Stock of MSPR at $11.50 per share, ceased trading after the market close today on the Nasdaq Capital Market under the symbol “LCAPW” and will begin trading tomorrow (May 24, 2022) on Nasdaq Global Market under the symbol “MSPRZ”.
Since announcing the business combination with LCAP in July 2021, with an enterprise value of approximately $32.6 billion, MSPR has developed additional revenue streams and as of December 31, 2021, MSPR’s portfolio included more than $1.5 trillion in billed amount (reflecting the full amount billed by a provider to a health plan or insurer), up more than 530% from $242 billion in 2020. MSPR’s portfolio included $364.4 billion in paid amount as of the same date (reflecting amounts actually paid to a provider from a health plan), up more than 520% from $58.4 billion in 2020. Over the same period, MSPR has seen a significant increase in interest from various entities in the healthcare industry. MSPR already has more than 150 assignors, and continues to grow its number of assignors.
“We’ve come a long way since I launched MSP Recovery more than eight years ago with one simple goal: to disrupt this country’s antiquated healthcare payment system and innovate solutions to help all Americans. MSPR has discovered that the ingestion and processing of healthcare data is substantially fragmented and flawed. This causes economic loss and prevents proper care and treatment, which can lead to serious mental or physical conditions, including loss of life,” said MSP Recovery Founder and CEO, John H. Ruiz.
“We developed a pioneering data analytics platform that efficiently identifies and uncovers historical waste, helps to support the long-term sustainability of Medicare and Medicaid programs, and recovers monies owed to hospitals, health insurance companies and medical providers, among many others,” he explained.
“We also launched LifeWallet Powered by MSP Recovery to help first responders and healthcare providers quickly and easily access patient medical histories when they’re needed most. The platform enables informed decision-making and improved patient care to help save lives,” said Mr. Ruiz.
“John and his team identified an innovative approach to a growing asset class that was previously accessible only to institutional investors,” said Ophir Sternberg, Chairman and CEO of Lionheart. “We’re thrilled to be part of unlocking this opportunity for a broader range of investors with the listing of MSP Recovery on Nasdaq.”
About MSP Recovery Inc.
Founded in 2014, MSP Recovery has become a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader, disrupting the antiquated healthcare reimbursement system with data-driven solutions to secure recoveries against responsible parties. MSP Recovery provides the healthcare industry with comprehensive compliance solutions, while innovating technologies to help save lives. For more information, visit: www.msprecovery.com.