MSP Recovery, Inc. Files Material Definitive Agreement
Ticker: MSPRZ · Form: 8-K · Filed: Oct 7, 2024 · CIK: 1802450
| Field | Detail |
|---|---|
| Company | Msp Recovery, INC. (MSPRZ) |
| Form Type | 8-K |
| Filed Date | Oct 7, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $287.50, $0.0025, $7.0 million, $14.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, corporate-action
TL;DR
MSP Recovery (MSP) signed a big deal on Oct 2nd. Details to follow.
AI Summary
On October 2, 2024, MSP Recovery, Inc. filed an 8-K report detailing a material definitive agreement. The company, formerly known as Lionheart Acquisition Corp. II and Lionheart Acquisition Corp., is based in Miami, Florida, and operates in computer processing and data preparation services.
Why It Matters
This filing indicates a significant new contract or partnership for MSP Recovery, Inc., which could impact its future revenue and operations.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement, but the specifics of the agreement and its financial implications are not detailed, requiring further investigation.
Key Players & Entities
- MSP Recovery, Inc. (company) — Registrant
- October 2, 2024 (date) — Date of earliest event reported
- Lionheart Acquisition Corp. II (company) — Former company name
- Lionheart Acquisition Corp. (company) — Former company name
- Miami, Florida (location) — Company address
FAQ
What is the nature of the material definitive agreement filed by MSP Recovery, Inc.?
The filing indicates the entry into a material definitive agreement, but the specific details of the agreement are not provided in the initial summary.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on October 2, 2024.
What were MSP Recovery, Inc.'s former company names?
MSP Recovery, Inc. was formerly known as Lionheart Acquisition Corp. II and Lionheart Acquisition Corp.
Where is MSP Recovery, Inc. located?
MSP Recovery, Inc. is located in Miami, Florida.
What is the Standard Industrial Classification (SIC) code for MSP Recovery, Inc.?
The SIC code for MSP Recovery, Inc. is 7374, which falls under SERVICES-COMPUTER PROCESSING & DATA PREPARATION.
Filing Stats: 663 words · 3 min read · ~2 pages · Grade level 12.3 · Accepted 2024-10-07 16:19:17
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
- $7.0 million — 24. To date, the Company has: (i) drawn $7.0 million (with such amounts disbursed pursuant t
- $14.0 million — h a 40% original issue discount) of the $14.0 million of working capital available thereunder
- $2.0 million — ion remaining available, and (ii) drawn $2.0 million (with such amounts disbursed pursuant t
Filing Documents
- lifw-20241002.htm (8-K) — 62KB
- lifw-ex10_1.htm (EX-10.1) — 86KB
- 0000950170-24-113229.txt ( ) — 331KB
- lifw-20241002.xsd (EX-101.SCH) — 59KB
- lifw-20241002_htm.xml (XML) — 8KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On October 2, 2024, the MSP Recovery, Inc. d/b/a LifeWallet (the "Company") entered into a definitive agreement amending the Second Amended and Restated Credit Agreement entered into as of November 10, 2023 (as further amended by the amendments thereto dated December 15, 2023, and December 22, 2023, the "Credit Agreement") with Hazel Partners Holdings LLC ("Hazel"), to reflect the terms of the letter agreement that was previously disclosed on Form 8-K on August 2, 2024. To date, the Company has: (i) drawn $7.0 million (with such amounts disbursed pursuant to a loan with a 40% original issue discount) of the $14.0 million of working capital available thereunder, with $7.0 million remaining available, and (ii) drawn $2.0 million (with such amounts disbursed pursuant to a loan with a 40% original issue discount) for the purpose of acquiring additional Claims, pursuant to the terms thereof. In addition, Hazel agreed to waive a provision in the Credit Agreement that accelerates the payment of obligations due to Hazel thereunder, in the event that the Company receives a negative going concern opinion from its auditors for the fiscal year ending December 31, 2024.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Amendment No. 3 to Second Amended and Restated Credit Agreement dated October 2, 2024 104 Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document). Pursuant to Item 601(b)(2) of Regulation S-K, certain immaterial provisions of the agreement that would likely cause competitive harm to the Company if publicly disclosed have been redacted or omitted.
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: October 7, 2024 By: /s/ Alexandra Plasencia Name: Alexandra Plasencia Title: General Counsel