MSP Recovery set to fall after de-SPAC

MSP Recovery

24/05/2022 14:02

** Shares of MSP Recovery  MSPR.O  down ~55% at $4.90
premarket as Medicare, Medicaid reimbursement recovery firm
poised to make public debut on Tues
    ** Shares to begin trading on Nasdaq with symbol "MSPR"
after co completed merger with special-purpose acquisition
company (SPAC) Lionheart Acquisition Corp II  urn:newsml:reuters.com:*:nBwZLtxRa
    ** Deal announced last Jul ascribed MSP, led by billionaire
entrepreneur John Ruiz, enterprise value of $32.6 bln
 urn:newsml:reuters.com:*:nL4N2OO194
    ** MSP collects, analyzes data on Medicare, Medicaid
insurance claims, then helps recover money owed to its clients,
including hospitals, health insurers and medical providers
    ** Lionheart raised $230 mln in its Aug 2020 IPO. The SPAC's
shares on Mon closed at $10.78
    ** Many firms that have completed SPAC mergers have seen
their shares plunge. The De-SPAC index  .DESPACTR , which tracks
performance of 25 of largest U.S.-listed firms that debuted
after a merger, has lost about 50% this year and hit record low
earlier this month

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))