---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-096243"
form_type: "8-K"
ticker: "MSPR"
cik: "0001802450"
company_name: "MSP Recovery, Inc."
filed_at: "2025-07-16T23:59:59+00:00"
generated_at: "2026-05-18T06:17:12.738683+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# MSP Recovery issues $0.75M convertible note to Yorkville; replaces auditor Deloitte with Baker Tilly

## Summary
- Issued fifth convertible note for $0.75M under SEPA; net proceeds $0.71M; 5% interest, convertible at 95% of 5-day VWAP (floor $1.00), maturity March 2027.
- Deloitte & Touche dismissed as auditor; Baker Tilly appointed for FY2025 starting Q3 review; no accounting disagreements, but going-concern and impairment emphasis in prior reports.
- Previous material weaknesses in internal controls (HR/payroll, contract terminations) were remediated by December 2024, per the company.

## SEC filing metadata
- accession: 0000950170-25-096243
- form_type: 8-K
- ticker: MSPR
- cik: 0001802450
- company_name: MSP Recovery, Inc.
- filed_at: 2025-07-16T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.03, 3.02, 4.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1802450/000095017025096243/0000950170-25-096243-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1802450/000095017025096243/mspr-20250716.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-096243
- JSON: https://secwatch.observer/filing/0000950170-25-096243.json
- Plain text: https://secwatch.observer/filing/0000950170-25-096243.txt

## Key facts
- Auditor Changes
  MSP Recovery, Inc. dismissed Deloitte & Touche LLP as its auditor.
  - Action: dismissal
  - Auditor: Deloitte & Touche LLP
  - Successor: Baker Tilly US, LLP
  source text: (a) Dismissal of Independent Registered Public Accounting Firm As part of recent cost-reduction initiatives, MSP Recovery, Inc. (the “Company”) initiated a competitive process to engage a new independent registered public accounting firm. The Company has solicited and evaluated bids from several accounting firms and has elected to engage Baker Tilly US, LLP (“Baker Tilly”) to serve as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, beginning in the fiscal quarter ending September 30, 2025. As a result, Deloitte & Touche LLP’s (“Deloitte”) engagement as the Company’s independent registered public accounting firm will end effectively following the review of the Company’s condensed consolidated financial statements as of and for the quarter ended June 30, 2025. Deloitte has served as the Company’s auditor since 2021. The decision to
  evidence_url: https://www.sec.gov/Archives/edgar/data/1802450/000095017025096243/0000950170-25-096243-index.htm
- Auditor Changes
  MSP Recovery, Inc. engaged Baker Tilly US, LLP as its auditor.
  - Action: engagement
  - Auditor: Baker Tilly US, LLP
  source text: the Board, acting by written consent, authorized and ratified the appointment of Baker Tilly as its new independent registered public accounting firm, which appointment became effective upon the entry of both the Company and Baker Tilly into a letter of engagement
  evidence_url: https://www.sec.gov/Archives/edgar/data/1802450/000095017025096243/0000950170-25-096243-index.htm
- Debt Financings
  MSP Recovery, Inc. incurred convertible notes of $0.75 million with YA II PN, LTD.
  - Instrument: convertible notes
  - Principal: $0.75 million
  - Counterparty: YA II PN, LTD
  - Event: incurrence
  source text: Yorkville agreed to make an additional advance pursuant to a fifth Convertible Note issued by the Company to Yorkville for $0.75 million, on terms substantially the same as the previous Convertible Notes, issued pursuant to the SEPA.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1802450/000095017025096243/0000950170-25-096243-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.