Healthcare Reimbursement Firm MSP Recovery To Be Taken Public In A US$32.6 Billion SPAC Merger
Health insurance reimbursement platform MSP Recovery (Nasdaq: MSPR) closed its business combination with special purpose acquisition company Lionheart Acquisition Corporation II on Monday. The transaction valued the combined company at an enterprise value of US$32.6 billion.
“The closing of this business combination is proof of the confidence in the strength of our business strategy and effectiveness of our innovative approach,” said MSP Recovery founder and CEO John Ruiz.
Following the closing of the transaction, the SPAC, now operating as MSP Recovery, started trading on the Nasdaq Global Market under the symbol “MSPR”. Corollary, the firm’s warrants also changes its symbol to “MSPRZ”.
The healthcare platform claims to be a “leader” in payer reimbursement recovery field for Medicare, Medicaid, commercial, and secondary health insurances.
The black check firm, on the other hand, completed its US$200 million IPO in August 2020. According to its prospectus, it intended to focus its search for target firms in the “proptech” industry–utilizing technology in dealing with real estate properties.
MSP Recovery last traded at US$3.73 on the Nasdaq.
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