Lionheart Acquisition Corp. II (NASDAQ:LCAP) announced that its shareholders have voted to approve its combination with Medicare billing firm MSP Recovery in a special meeting held earlier today.
Although today’s press release did not disclose redemption numbers, Lionheart II traded above its trust value of $10 throughout its redemption deadline Monday, May 16, and opened today at $10.49.
The SPAC announced last week that it had secured a funded and committed equity facility with an affiliate of Cantor, which allowed Cantor to purchase up to 3.5 million shares from LCAP stockholders who have elected to redeem their shares at or below the redemption price. This provides some security to Lionheart II in its redemptions situation and covers the deal’s $30 million minimum cash condition.
Lionheart II also announced last week that its previously disclosed pool of 1,029,000,000 warrants will be distributed to non-redeeming shareholders. Non-redeeming shareholders will receive these as a dividend on the 10th day following closing of the combination.
The parties expect to close the business combination on Friday, May 20, 2022. Following the closing, the shares of Class A Common Stock of the combined company are anticipated to continue to be traded on Nasdaq under the symbol “MSPR”. The combined company’s public warrants are anticipated to continue to be traded on Nasdaq under the symbol “LCAPW”, and the new warrants issued in connection with the previously announced and declared LCAP dividend are anticipated to commence trading on Nasdaq under the symbol “MSPRW” when issued.
LCAP initially announced its $32.6 billion combination with MSP Recovery on July 12, 2021. Coral Gables, Florida-based MSP has built a proprietary model for identifying and acquiring claims against primary care payers in the healthcare industry that unduly passed costs onto Medicare, Medicaid and other payors.
Five other proposals were also considered and voted upon by LCAP’s stockholders at today’s special meeting, all of which were approved.
ADVISORS
- Keefe, Bruyette & Woods, a Stifel Company, is serving as financial advisor to MSP Recovery.
- Nomura Securities International, Inc. is serving as financial and capital markets advisor to Lionheart Acquisition Corp II.
- Weil, Gotshal & Manges LLP is serving as legal counsel to MSP Recovery.
- DLA Piper LLP is serving as legal counsel to Lionheart Acquisition Corp II.
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...