MSP Recovery, Inc. (MSPR)

MSP Recovery, Inc., formerly known as Lionheart Acquisition Corporation II, was a Florida-based company that pursued the recovery of healthcare payments made in error by Medicare Advantage plans, Medicaid managed care organizations and other payers. Its business centered on the Medicare Secondary Payer rules, under which Medicare is generally supposed to be a secondary payer when another party, such as a liability insurer, is responsible for a beneficiary's medical costs. The company, headquartered in Coral Gables, was founded by John H. Ruiz and Frank C. Quesada.

The company's model depended on acquiring or being assigned rights to recovery claims from healthcare payers, along with proprietary data analytics to identify claims where another party should have paid. It pursued recoveries through litigation and settlements and reported large amounts of potential claims, but actual collected revenue was small relative to its reported claims base, and its operating costs and legal expenses were substantial.

MSP Recovery became a public company in May 2022 through a business combination with Lionheart Acquisition Corporation II, a special purpose acquisition company. Its Class A common stock and warrants began trading on Nasdaq under the symbols MSPR and MSPRW. Like many companies that went public through SPAC mergers around that time, it saw its share price fall sharply, and it carried out a reverse stock split to try to address its low trading price.

Nasdaq staff notified the company on October 22, 2025 that it no longer met the minimum stockholders' equity requirement of Listing Rule 5550(b)(1). The company appealed on October 29, 2025 to a Nasdaq Listing Qualifications Hearings Panel. On November 28, 2025, staff separately notified the company that it also fell short of the minimum bid price requirement of Listing Rule 5550(a)(2).

The Panel held a hearing on December 11, 2025 and issued its decision on December 18, 2025 to suspend the company. Trading in its securities on Nasdaq was suspended effective December 22, 2025, and the staff delisting determination became final on February 2, 2026. The common stock subsequently traded over the counter.

The delisting of MSPR common stock and the related warrants took effect at the opening of trading on May 28, 2026, when Nasdaq's Form 25 removed the securities from listing and registration. The company remained an SEC reporting company for its continuing disclosure obligations, but its securities are no longer listed on a national exchange.