LCAP - SPAC Lionheart Acquisition II gains after confirming it will take MSP Recovery public in an almost $33B deal

Steve Dunning/iStock via Getty Images SPAC Lionheart Acquisition (LCAP) rose almost 1% after confirming that it will take payments recovery firm MSP Recovery public in a deal that will value the firm at $32.6B. The transaction will provide gross proceeds of $230M to MSP, according to a statement. MSP Recovery founder and CEO John H. Ruiz will lead the combined company. Upon close of the deal, which is expected to be done in fourth quarter, the combined company will trade on the Nasdaq under the symbol "MSPR." At the valuation of $32.6B the transaction would be one of the top 3 largest SPAC deals ever. MSP, which assists in recovering Medicare and Medicaid secondary payments, is currently pursuing the more than $50B it owns in billed amounts against insurance companies as well as medical and pharmaceutical manufacturers. MSP has backing from investment partners including Virage Capital Management LP  and its managed private investment vehicle, Virage

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SPAC Lionheart Acquisition II gains after confirming it will take MSP Recovery public in an almost $33B deal