MSP Recovery Enters Definitive Agreement

TL;DR

MSP Recovery signed a deal on June 5th, likely involving warrants. Details to follow.

AI Summary

On June 5, 2024, MSP Recovery, Inc. entered into a material definitive agreement related to redeemable warrants. The company, formerly known as Lionheart Acquisition Corp. II and Lionheart Acquisition Corp., is based in Coral Gables, FL.

Why It Matters

This filing indicates a significant contractual event for MSP Recovery, Inc., potentially impacting its financial structure and warrant holders.

Risk Assessment

Risk Level: medium — The filing concerns a definitive agreement, which could have material financial implications, but lacks specific details on the agreement's terms.

Key Players & Entities

• MSP Recovery, Inc. (company) — Registrant
• Lionheart Acquisition Corp. II (company) — Former company name
• Lionheart Acquisition Corp. (company) — Former company name
• June 5, 2024 (date) — Date of earliest event reported
• July 12, 2024 (date) — Date of report
• July 18, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — hich registered Class A Common stock, $0.0001 par value per share LIFW The Nasdaq
• $287.50 — A common stock at an exercise price of $287.50 per share LIFWW The Nasdaq Global M
• $0.0025 — A common stock at an exercise price of $0.0025 per share LIFWZ The Nasdaq Global M
• $0.50 — Floor Price (which has been reduced to $0.50) for ten consecutive days, as defined i

Filing Documents

• lifw-20240605.htm (8-K) — 64KB
• lifw-ex10_1.htm (EX-10.1) — 10KB
• lifw-ex10_2.htm (EX-10.2) — 185KB
• img129770838_0.jpg (GRAPHIC) — 30KB
• 0000950170-24-084572.txt ( ) — 503KB
• lifw-20240605.xsd (EX-101.SCH) — 59KB
• lifw-20240605_htm.xml (XML) — 8KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. At the close of trading on the Nasdaq Stock Market, LLC on July 11, 2024, the daily volume-weighted average price for MSP Recovery, Inc.'s (the "Company") Class A Common Stock was below the Floor Price (which has been reduced to $0.50) for ten consecutive days, as defined in the Exchangeable Promissory Notes ("Notes") issued to YA II PN, Ltd. ("Yorkville") pursuant to the Standby Equity Purchase Agreement dated November 14, 2023, as amended (the "SEPA") by and between Yorkville and the Company, resulting in a Trigger Event pursuant to the Notes. Upon the occurrence of a Trigger Event, the Company shall make monthly payments ("Monthly Payments") beginning on the 7th Trading Day after the date of the Trigger Event and continuing on the same day of each successive month. On July 12, 2024, Yorkville agreed that the first Monthly Payment, as set forth in Section (1)(c) of the Notes, would be due from the Company on September 11, 2024. Capitalized but undefined terms have the same meaning as set forth in the Yorkville SEPA and the Notes.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Letter Agreement dated July 12, 2024 10.2 Form of Exchangeable Promissory Notes 10.3 Yorkville SEPA (incorporated by reference to Exhibit 10.10 to the Form 10-Q filed on November 14, 2023) 104 Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MSP R ECOVERY , I NC . Dated: July 18, 2024 By: /s/ Alexandra Plasencia Name: Alexandra Plasencia Title: General Counsel

View Full Filing

View this 8-K filing on SEC EDGAR