Lionheart Acquisition II in a regulatory filing disclosed changes to its non-binding term sheet with an affiliate of Cantor Fitzgerald, under which Cantor would purchase up to 3.5 million shares at or below the redemption price prior to the SPAC closing its proposed merger with MSP Recovery.
The SPAC in the 8-K filing said it entered an agreement for an OTC Equity Prepaid Forward Transaction with CF Principal Investments. Under that agreement, CF would transfer its warrants to MSP Recovery for cancellation once the MSP deal closes. CF would also waive redemption rights ahead of the vote, which is scheduled today.
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 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.
