LifeWallet Announces Reverse Stock Split to Regain Compliance with Nasdaq’s Minimum Bid Price Requirement
12 Noviembre 2024 - 11:00AM
MSP Recovery, Inc. d/b/a LifeWallet (NASDAQ: LIFW) (“LifeWallet,”
or the “Company”), a Medicare, Medicaid, commercial, and secondary
payer reimbursement recovery and technology leader, today announced
that it will affect a reverse stock split of its Class A common
stock at a reverse stock split ratio of 1-for-25, effective at
11:59 P.M. on November 15, 2024, in order to regain compliance with
the minimum $1.00 bid price per share requirement of Nasdaq’s
Marketplace Rule 5450(a)(1).
LifeWallet’s Common Stock will continue to trade on the Nasdaq
Global Market (“Nasdaq”) under the symbol “LIFW” and will begin
trading on a split-adjusted basis when the Nasdaq opens on November
18, 2024 (“Effective Time”). The new CUSIP number for the Class A
common stock following the reverse split will be: 553745-30-8.
The Company’s stockholders previously approved the reverse stock
split and granted the Company’s board of directors the authority to
determine the final reverse stock split ratio and when to proceed
with the reverse stock split. The Company has filed an amendment to
its Second Amended and Restated Certificate of Incorporation to
affect the reverse stock split at the ratio of 1-for-25 as of the
Effective Time.
As a result of the reverse split, every 25 shares of the
Company’s issued and outstanding Common Stock will automatically be
converted into one share of issued and outstanding Common Stock.
The Company’s shares will begin trading on a split-adjusted basis
on the Nasdaq Capital Market commencing upon market open on
November 18, 2024. Immediately after the reverse split becomes
effective, there will be approximately 1.6 million shares of Class
A common stock issued and outstanding.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements contained in this press release may be identified by the
use of words such as “anticipate,” “believe,” “contemplate,”
“could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,”
“plan,” “potential,” “predict,” “project,” “target,” “aim,”
“should,” “will,” “would,” or the negative of these words or other
similar expressions, although not all forward-looking statements
contain these words. Forward-looking statements are based on the
Company’s current expectations and are subject to inherent
uncertainties, risks and assumptions that are difficult to predict.
Further, certain forward-looking statements are based on
assumptions as to future events that may not prove to be accurate.
These and other risks and uncertainties are described more fully in
the section titled “Risk Factors” included in the Company’s Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and other
reports filed by it with the SEC. These statements constitute the
Company’s cautionary statements under the Private Securities
Litigation Reform Act of 1995.
About LifeWallet
Founded in 2014 as MSP Recovery, LifeWallet has become a
Medicare, Medicaid, commercial, and secondary payer reimbursement
recovery leader, disrupting the antiquated healthcare reimbursement
system with data-driven solutions to secure recoveries from
responsible parties. LifeWallet provides comprehensive solutions
for multiple industries including healthcare, legal, and sports
NIL. For more information, visit: LIFEWALLET.COM.
Contacts
MediaMedia@LifeWallet.com
InvestorsInvestors@LifeWallet.com
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