Lionheart Acquisition II said that its board has declared a dividend in the form of approximately 1,029,000,000 warrants, each to purchase a share at $11.50. The issuance is conditioned upon the closing of the proposed business combination with MSP Recovery. Only non-redeeming shareholders may participate in the special dividend.
Announced in July 2021, the deal values the combined companies at $32.6B. That valuation makes it one of the top 3 largest SPAC transactions ever.
The SPAC plans a shareholder vote May 18 on the proposed merger.
The transaction is anticipated to generate gross proceeds of up to approximately $230 million of cash, assuming no redemptions by Lionheart’s public stockholders.
MSP Recovery specializes in recovering improper payments for Medicare and commercial providers. Read more.
