MSP Recovery completes 1-for-25 reverse stock split; Nomura waives $4M in repayment requirements

MSP Recovery, Inc.

Effective Nov 15, 2024, every 25 shares of Class A and Class V common stock combined into one, reducing Class A shares from ~46.7M to ~1.9M.
Proportional adjustments made to LIFWW and LIFWZ warrants; no fractional shares issued; rounding up to nearest whole share.
Reverse split intended to regain compliance with NASDAQ minimum bid price rule and maintain listing.
Nomura agreed to limited waiver: through March 31, 2025, up to $4M in ATM proceeds can be used for operations instead of repaying promissory note.
Nomura waiver effective upon receipt of $355K minimum ATM payment from Oct/Nov 2024 offerings.

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.: Amendment to Second Amended and Restated Certificate of Incorporation to effect a 1-for-25 reverse stock split of Class A Common Stock and Class V Common Stock effective November 15, 2024 (effective 2024-11-15).

Change: charter amendment
Effective: 2024-11-15

Exact text from the filing

Effective November 15 , 2024 , 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 that, at 11:59 P.M. on November 15, 2024 (the "Reverse Split Effective Time"), 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").

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MSP Recovery, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-127963

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