MSP to Merge With Lionheart SPAC at $32.6 Billion Value (2)

MSP Recovery, specializing in securing Medicare and Medicaid secondary payments, will go public through a merger with a blank-check firm that will give the combined company an enterprise value of $32.6 billion.

Coral Gables, Florida-based MSP announced the tie-up with Lionheart Acquisition Corp. II, a special purpose acquisition company, in a Monday statement that confirmed an earlier Bloomberg News report. MSP’s senior executive team, led by Chief Executive Officer John H. Ruiz, will continue to manage the company.

The deal provides for issuing about 1 billion warrants to former Lionheart stockholders who don’t redeem their shares of its ...