MSP Recovery Files S-1/A with Credit & Equity Deal Updates

TL;DR

MSP Recovery S-1/A: Updated credit agreement details & standby equity deal with YaIiPnLtd.

AI Summary

MSP Recovery, Inc. filed an S-1/A on September 10, 2024, detailing its financial status and business operations. The filing includes information about its credit agreement, specifically the Second Amended and Restated First Lien Credit Agreement, which had a maximum amount as of January 25, 2024. It also mentions a Standby Equity Purchase Agreement with YaIiPnLtd, effective April 1, 2024.

Why It Matters

This filing provides updated details on MSP Recovery's financing arrangements, including a significant credit agreement and an equity purchase agreement, which are crucial for understanding its financial health and future funding capabilities.

Risk Assessment

Risk Level: medium — The filing involves updates to credit agreements and equity purchase agreements, which can indicate financial strain or significant strategic shifts.

Key Numbers

• 333-279958 — SEC File Number (Identifies this specific SEC filing series.)
• 0001802450 — Central Index Key (CIK) (Unique identifier for MSP Recovery, Inc. in SEC filings.)

Key Players & Entities

• MSP Recovery, Inc. (company) — Filer
• Lionheart Acquisition Corp. II (company) — Former Company Name
• Lionheart Acquisition Corp. (company) — Former Company Name
• Second Amended and Restated First Lien Credit Agreement (company) — Credit Agreement
• YaIiPnLtd (company) — Counterparty to Equity Purchase Agreement
• Standby Equity Purchase Agreement (company) — Financing Agreement
• 20240910 (date) — Filing Date
• 2024-01-25 (date) — Date related to Credit Agreement maximum
• 2024-04-01 (date) — Effective date of Standby Equity Purchase Agreement

FAQ

Key Financial Figures

• $0.0001 — of our Class A Common Stock, par value $0.0001 per share, including: (i) up to 5,000,0
• $0.1651 — Class A Common Stock on the Nasdaq was $0.1651 per share, the closing price of our Pub
• $0.0402 — losing price of our Public Warrants was $0.0402 per warrant, and the closing price of o
• $0.0030 — e closing price of our New Warrants was $0.0030 per warrant. Investing in our securit
• $0.0025 — Common Stock for the purchase price of $0.0025 per share. " DGCL " means the Delawar

Filing Documents

• lifw-20240910.htm (S-1/A) — 5282KB
• lifw-ex4_9.htm (EX-4.9) — 192KB
• lifw-ex4_10.htm (EX-4.10) — 192KB
• lifw-ex4_11.htm (EX-4.11) — 192KB
• lifw-ex4_12.htm (EX-4.12) — 192KB
• lifw-ex5_1.htm (EX-5.1) — 22KB
• lifw-ex23_1.htm (EX-23.1) — 3KB
• lifw_exfilingfees.htm (EX-FILING FEES) — 85KB
• img98141895_0.jpg (GRAPHIC) — 30KB
• img98141895_1.jpg (GRAPHIC) — 30KB
• img241897736_0.jpg (GRAPHIC) — 17KB
• 0000950170-24-105221.txt ( ) — 18589KB
• lifw-20240910.xsd (EX-101.SCH) — 2185KB
• lifw-20240910_htm.xml (XML) — 2858KB
• lifw_exfilingfees_htm.xml (XML) — 23KB

USE OF PROCEEDS

USE OF PROCEEDS 45

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 46

BUSINESS

BUSINESS 73 MANAGEMENT 76

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 83 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS 86 BENEFICIAL OWNERSHIP OF SECURITIES 89 SELLING SECURITYHOLDERS 92

DESCRIPTION OF SECURITIES

DESCRIPTION OF SECURITIES 94 MATERIAL UNITED STATES FEDERAL INCOME AND ESTATE TAX CONSEQUENCES TO NON-U.S. HOLDERS 102 PLAN OF DISTRIBUTION 105 LEGAL MATTERS 109 EXPERTS 109 WHERE YOU CAN FIND MORE INFORMATION 109 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS 110 ABOUT THIS PROSPECTUS This prospectus is part of a registration statement on Form S-1 that we filed with the SEC using a "shelf" registration process. Under this shelf registration process, the Selling Securityholders may, from time to time, offer, and sell up to 9,956,415 shares of our Class A Common Stock, including: (i) up to 5,000,000 shares of our Class A Common Stock issuable upon exercise of the VRM Warrants, which refers to those certain warrant agreements issued to Virage Recovery Master LP pursuant the Virage MTA Amendment (as defined herein), including an initial warrant (the "Initial Virage Warrant") and monthly warrants (the "Monthly Virage Warrants"), to that entitle VRM to purchase Class A Common Stock at $0.0001 per share; (ii) 500,000 shares of our Class A Common Stock issued to VRP and up to 2,500,000 shares of our Class A Common Stock issuable upon exercise of the VRP Warrant, which refers to that certain warrant agreement issued to Virage Recovery Participation LP in partial satisfaction of amounts owed by the Company pursuant to that certain Services Agreement dated May 20, 2022 between Virage and the Company, entitling VRP to purchase Class A Common Stock at $0.0001 per share; and (iii) 1,956,415 shares of our Class A Common Stock issued to Palantir as consideration for certain products and services rendered by Palantir, through any means described in the section entitled " Plan of Distribution ." More specific terms of any securities that the Selling Securityholders offer and sell may be provided in a prospectus supplement that describes, among other things, the specific amounts and prices of the Class A Common Stock and/or warrants being offered an

View Full Filing

View this S-1/A filing on SEC EDGAR