MSP Recovery effects 1-for-25 reverse stock split to avoid Nasdaq delisting

MSP Recovery, Inc.

Reverse stock split effective Oct 12, 2023; every 25 shares combined into 1 share.
Class A shares reduced from ~335M to ~13.4M; Up-C units from ~3.1B to ~124.3M.
No fractional shares; holders with fractional shares rounded up to nearest whole share.
Split aims to raise bid price above $0.10 to regain compliance with Nasdaq minimum bid rule.
Company had received delisting determination; appeal hearing pending after split.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

MSP Recovery, Inc.: Effected a 1-for-25 reverse stock split of Class A Common Stock and Class V Common Stock (effective 2023-10-12).

Change: charter amendment
Effective: 2023-10-12

Exact text from the filing

Further, the Amendment provides that every 25 shares of our issued and outstanding Class A Common Stock and Class V Common Stock (together with the Class-B Units) were automatically combined into one issued and outstanding share of Class A Common Stock and Class V Common Stock (together with the Class-B Units ), respectively, without any change in the par value per share (the “Reverse Stock Split”).

View on SEC.gov

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

MSP Recovery, Inc.: Amended certificate of incorporation to provide for exculpation of certain officers from liability (effective 2023-10-12).

Change: charter amendment
Effective: 2023-10-12

Exact text from the filing

Effective October 12, 2023 , MSP Recovery, Inc. (the “Company,” “we,” “us,” or “our”) amended our Second Amended and Restated Certificate of Incorporation in the State of Delaware (the “Amendment”), which provides for the exculpation from liability for certain officers, to the extent permitted by the General Corporation Law of the State of Delaware.

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42 governance changes filed in the last 30 days. Browse all governance changes →

MSP Recovery, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-053558

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