Lionheart Acquisition II in its latest 8-K filing said it was notified by Nasdaq that because the SPAC has not held a shareholder meeting within 12 months of the fiscal year ended Dec. 31, 2020, it faces delisting from the exchange.
The notice gives the SPAC until Feb. 24 to submit a plan for regaining compliance, which Lionheart II said it would do.
Just last week the SPAC filed with the SEC a definitive proxy statement regarding an extension of the deadline to complete its business combination from Feb. 18 to Aug. 18.
Lionheart II is in a pending merger with MSP Recovery, which specializes in recovering improper payments for Medicare and commercial providers. The deal is valued at $32.6 billion. As annoiunced 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.
