Lionheart Acquisition II in an SEC filing announced a Jan. 27 meeting to shareholders to vote on whether to grant the SPAC a deadline extension on its business combination. The company is in a pending merger with MSP Recovery, which specializes in recovering improper payments for Medicare and commercial providers.
Lionheart II in the filing said there may not be enough time to seal the deal by the current Feb. 18 deadline. The SPAC wants shareholders to appove an Aug. 18 deadline and will sweeten the trust account by 3 1/3 cents a share per month in return for a favorable vote on the extension.
The MSP deal values the combined companies at $32.6B. At that valuation, the deal is one of the top 3 largest SPAC transactions ever.
As announced in July, the transaction is anticipated to generate gross proceeds of up to approximately $230 million of cash, assuming no redemptions by Lionheart’s public stockholders. Read more.
