MSP Recovery LLC is now set to go public after the company, which specializes in Medicare Secondary Payer recovery rights, announced an agreement Monday to be acquired by special purpose acquisition company Lionheart Acquisition Corp. II in a deal that would value the combined company at about $32.6 billion. Lionheart shares are indicated up nearly 9% in premarket trading. The deal is expected to generate proceeds of up to $230 million of cash, which will be used to fund operations and growth. Once the deal is completed, which is expected to occur in the fourth quarter of 2021, MSP Recovery is expected to list on the Nasdaq under the ticker symbol "MSPR." When the deal is completed, an additional 1.029 warrants will be issued to former Lionheart shareholders who have elected not to redeem their Lionheart shares in connection with the merger. "MSP identified fragmented data infrastructure both in the insurance and healthcare industries and developed a revolutionary solution: a pioneering data analytics platform that efficiently identifies and uncovers historical waste, helps to support the long-term sustainability of Medicare and Medicaid programs, and recovers monies owed to hospitals, health insurance companies and medical providers," said Lionheart Chief Executive Ophir Sternberg. Lionheart's stock has slipped 1.9% year to date through Friday, while the S&P 500 has gained 16.3%.
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