- Lionheart currently anticipates filing a registration statement
on Form S-4, which will include a preliminary proxy
statement/prospectus, prior to the end of October 2021
- MSP Recovery announces multiple strategic partnerships,
additional potential revenue sources, and enhanced technological
capabilities
- MSP Recovery has secured more healthcare claims from new and
existing clients
MSP Recovery, LLC (“MSP Recovery” or “MSP”), a Medicare,
Medicaid, commercial, and secondary payer reimbursement recovery
leader, that in July agreed to a business combination with
Lionheart Acquisition Corporation II (Nasdaq: LCAPU, LCAP, LCAPW,
“Lionheart” or “LCAP”), valued at $32.6 billion, today announced
additional partnerships and business transactions that add greater
value, additional potential revenue streams, as well as
technological advancements. These new partnerships and innovations
were not part of the $32.6 billion valuation.
The new technical integrations and partnerships announced today
are in addition to, and support the recent partnership with
Palantir Technologies Inc. (“Palantir”) (NYSE: PLTR), transforming
legal, data, and healthcare delivery into one united ecosystem.
“Since the business combination announcement in July, MSP
Recovery has continued to evolve and has entered into new
partnerships and created new platforms. Additionally, Lionheart
currently anticipates filing a registration statement on Form S-4,
which will include a preliminary proxy statement/prospectus related
to the transaction prior to the end of October,” stated Ophir
Sternberg, Chairman and CEO of Lionheart. “The original valuation
did not consider the additional revenue streams that MSP now has
the potential of realizing,” Sternberg added. “MSP Recovery’s
management team continues to impress Lionheart and our board with
their innovative and strategic expansion of avenues for
growth.”
“MSP Recovery’s claims recovery portfolio continues to expand as
we have secured more claims from new and existing clients since
announcing the business combination with Lionheart in July,” said
MSP Recovery Founder and CEO, John H. Ruiz. John continued, “The
level of interest from providers and payers has exceeded our
expectations. We attribute this to the healthcare industry’s
recognition of the need for MSP Recovery’s systems. These
additional claims and expanded capabilities through new
partnerships are a testament to the innovations MSP Recovery
continues to pioneer. We have the data, healthcare, and legal
knowledge necessary to maximize our integrated platform, focusing
on proper healthcare delivery and appropriate payment for
healthcare services. MSP Recovery is also able to identify the
correct payer and provide optimal and accurate allocation of
resources to prevent potential injury and loss of life, while
saving healthcare providers and payers billions of dollars in
improper payments.”
Synnova Health:
MSP Recovery is excited to announce its partnership with Synnova
Health, which is anticipated to improve MSP Recovery’s platform by
expanding its capabilities and maximizing its efficiency, thereby
improving outcomes for healthcare providers and insurance carriers,
among others. Synnova’s team consists of incredibly talented
developers who have contributed to the success of some of the top
technology companies in the world, including Apple and Microsoft,
and look forward to bringing their forward-thinking healthcare
solutions and innovation strategies to the MSP team. The
partnership is also anticipated to expand Synnova’s capabilities by
adding MSP Recovery’s technology solutions to Synnova’s
transformative delivery of healthcare and engage providers and
consumers. This partnership will create a more seamless consumer
experience while streamlining workflow — all in a mobile-friendly
interface. This powerful product suite is fully customizable,
allowing Synnova to meet the unique needs of the healthcare
industry.
“As a lifelong entrepreneur, with a passion for innovation and
helping transform the delivery of healthcare through technology
solutions, I could not be more excited to partner with MSP
Recovery. MSP Recovery’s data analytics platform and John H. Ruiz’s
mission to disrupt the antiquated healthcare reimbursement system
are revolutionary. Synnova’s digital solutions, now exclusive to
MSP Recovery, will accelerate positive outcomes for healthcare
providers, insurance carriers, retailers, and other entities.”
-Norberto Menendez, Founder & CEO of Synnova Health
Tokenology:
MSP Recovery is proud to partner with Tokenology, combining
Tokenology’s blockchain-centric financial technology with MSP
Recovery’s strong data analytics platform. This partnership will
fuel a fully tokenized Medicare, Medicaid and commercial recovery
platform, leveraging the best-in-class strategies and resources to
provide secure and efficient blockchain solutions. MSP Recovery’s
partnership with Tokenology will enable the efficient delivery of
healthcare services, while ensuring proper payments between payers
and practitioners.
“After getting a first-hand look at MSP Recovery’s
groundbreaking innovations and capabilities, we knew they were the
right partner to launch Tokenology into the healthcare sector. John
Ruiz’s extraordinary knowledge and innovations in healthcare and
big data, combined with his legal knowledge, will help empower
Tokenology’s already advanced systems. The synergy between both
companies, strategically and financially, facilitates the
tokenization of real-time management and utilization of medical
data for payers, patients, and providers. This paves the way to
deliver superior returns to stakeholders, while taking Tokenology
to new heights.” -John Weiser, CEO of Tokenology
SirenMD:
MSP Recovery is excited to announce its partnership with
SirenMD, which MSP Recovery and SirenMD anticipate will enable
easier and more efficient access to critical information to gain a
better understanding of patients’ health history, provide more
accurate diagnoses, and lead to improved care and treatment. By
plugging into MSP Recovery’s powerful data analytics platform,
SirenMD is looking forward to maximizing real-time communication
and documentation between caregivers and their patients, providing
the data points needed to bill properly and efficiently. After
analyzing MSP Recovery’s fully integrated system of clinical and
transactional data, and its ability to discover improper payments
and recover reimbursements, it was clear the synergy between MSP
Recovery and SirenMD would revolutionize billing accuracy and
payment integrity. John Ruiz’s vision of large-scale integration
will open doors and provide invaluable resources to all healthcare
providers.
“I’ve seen MSP’s systems and the innovations they are applying
to the healthcare space are groundbreaking. Healthcare is
communication. These interactions are not often captured by current
documentation and billing and can be non-compliant on the
regulatory side. MSP has the deep data expertise to identify lost
revenue, improper billing, payment integrity, compliance and has
the claims processing know-how to provide never-before-seen
resources for physicians and health systems. MSP’s partnership with
Palantir provides immediate solutions for patient care and aims to
transform healthcare communication, while alleviating the burdens
associated with improper billing and collections.” -Lee Kaplan, MD,
Founder of SirenMD & Board Certified Orthopedic Surgeon
Additional Claims Data:
MSP Recovery continues to build momentum in the market through
its acquisition of additional healthcare claims. Since announcing
the planned combination with Lionheart, MSP has secured additional
Medicare and Medicaid claims data from new and existing clients.
MSP has also secured commercial claims data that is recoverable and
falls outside of the Medicare and Medicaid recovery space.
Life Safety Information Technology:
MSP Recovery is partnering with law enforcement agencies and
emergency rescue departments across the country to provide advanced
data technology services and integration, in an effort to
standardize information gathering and accuracy, while increasing
access to critical life-saving resources in real-time. The system
enables personnel to obtain a patient’s medical history and other
crucial data immediately, to help save lives.
“Understanding the necessity for emergency responders and law
enforcement to have immediate access to a person’s overall health
information and past medical history (which includes medication
they are currently taking), is vital in assuring that patients
receive the best possible care and treatment. It’s also important
to immediately identify the proper payer responsible for services
rendered, as opposed to causing Medicare and Medicaid to absorb
costs they are not responsible to pay for, under the law. MSP has
undertaken the mission to work with first responders to implement
these necessary changes, helping equip the entire ecosystem with
required data elements to produce quality healthcare and obtain
payment from the proper payers.” -John H. Ruiz, Founder & CEO
of MSP Recovery
Virage Capital Management:
Today’s announcement also follows an agreement with Virage
Capital Management LP to monetize up to $3 billion of select
healthcare claims recovery interests. The agreement gives Virage
the right to buy recoveries otherwise due to MSP’s clients (who
assigned their recovery rights to MSP).
“Virage has been impressed by the MSP management team’s ability
to adapt its business plan to the growing market opportunity. This
$3 billion Assignor Interest Investment Capacity Agreement
represents Virage’s confidence in MSP’s ability to continue to grow
their Medicare claims inventory with assignors of claims
(“Clients”) and the continued investment interest from existing and
future Virage investors.” -Edward Ondarza, Founder & Managing
Director of Virage Capital Management LP
About MSP Recovery
Founded in 2014, MSP Recovery 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 against responsible
parties, while providing the industry with comprehensive compliance
solutions. For more information, visit: www.msprecovery.com.
About Lionheart Acquisition Corporation II
Lionheart Acquisition Corporation II is a blank check company
formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. For more
information, visit: www.LCAP2.com.
About Virage Capital Management LP
Established in 2013, and with total current assets under
management of approximately $1.3 billion, Virage provides
litigation finance solutions to established law firms and lawyers
for a wide range of business purposes. Virage manages Virage
Recovery Master LP, a private investment vehicle which launched in
March 2018 and closed in 2020, having raised $438 million from U.S.
and European institutional investors to invest in certain claims of
Medicare Advantage Organizations through a joint investment vehicle
with an affiliate of MSP Recovery LLC. For more information, visit:
www.viragecm.com.
Important Information and Where to Find It
In connection with the potential business combination (the
“proposed business combination”), a registration statement on Form
S-4 (the “Form S-4”) is expected to be filed by LCAP with the U.S.
Securities and Exchange Commission (the “SEC”). The Form S-4 will
include a preliminary proxy statement / prospectus to be
distributed to holders of LCAP’s common stock in connection with
LCAP’s solicitation of proxies for the vote of its stockholders in
connection with the proposed business combination and other matters
as described in the Form S-4, as well as a prospectus relating to
the offer and sale of securities to be issued in connection with
the completion of the business combination. This document does not
contain all the information that should be considered concerning
the proposed business combination and is not intended to form the
basis of any investment decision or any other decision in respect
of the proposed business combination. LCAP and MSP urge investors,
stockholders and other interested persons to read, when available,
the Form S-4, including the proxy statement/prospectus included
therein and the amendments thereto as well as any other documents
filed with the SEC in connection with the proposed business
combination as these materials will contain important information
about MSP, LCAP and the proposed business combination. After the
Form S-4 has been filed and declared effective, the definitive
proxy statement/prospectus will be mailed to LCAP’s stockholders as
of the record date established for voting on the proposed business
combination. LCAP’s stockholders will also be able to obtain copies
of such documents, without charge, once available, at the SEC’s
website at www.sec.gov, or by directing a request to: Lionheart
Acquisition Corporation II, 4218 NE 2nd Avenue, Miami, Florida
33137.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED
THEREIN.
Participants in the Solicitation of Proxies
This communication is not a solicitation of a proxy from any
investor or securityholder. LCAP, MSP, and their respective
directors, executive officers and other members of their management
and employees, including John Ruiz and Frank Quesada, may, under
SEC rules, be deemed to be participants in the solicitation of
proxies of LCAP’s stockholders in connection with the proposed
business combination. Investors and securityholders may obtain more
detailed information regarding the names, affiliations and
interests of LCAP’s directors and executive officers in LCAP’s
Annual Report on Form 10-K filed with the SEC on March 31, 2021, as
amended, and other reports filed with the SEC. Additional
information regarding the participants will also be included in the
Form S-4 that includes the proxy statement/prospectus, when it
becomes available. When available, these documents can be obtained
free of charge from the sources indicated above.
No Offer or Solicitation
No offer or offering of equity interests or securities of any
kind is being made, conducted or extended at this time. This
communication is for informational purposes only and does not
constitute or include an offer to sell, or a solicitation of an
offer to purchase or subscribe for, equity interests or securities
of any kind or a solicitation of any vote of approval, nor shall
there be any sale, issuance or transfer of any such securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction. Any such offer or
solicitation will be made only in connection with the delivery of a
prospectus meeting the requirements of the Securities Act of 1933,
as amended (“Securities Act”), or exemptions therefrom.
Cautionary Note Regarding Forward Looking Statements
This communication includes forward looking statements within
the meaning of the safe harbor from civil liability provided for
such statements by the Private Securities Litigation Reform Act of
1995 (set forth in Section 21E of the Securities Exchange Act of
1934, as amended (“Exchange Act”) and Section 27A of the Securities
Act, which include information relating to future events, future
financial performance, strategies, expectations, competitive
environment, regulation and availability of resources and involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements to be
materially different from any future results, performances or
achievements expressed or implied by the forward-looking
statements. These statements are often accompanied with or by words
such as “expects,” “plans,” “ projects,”” forecasts,”” estimates,””
intends,” “expects,” “anticipates,” “seeks,” “ targets,”
“continues,” “ believes,” “opinion,” “will,” “could,” “future,”
“growth,” or “may” (or the negatives thereof) or other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These forward
looking statements include, but are not limited to, statements
regarding MSP’s plans, goals and objectives, forecasts, budgets or
projections and any related assumptions, statements and projections
regarding projected MSP claims by paid amounts, projected recovery
percentages, forecasts relating to key revenue drivers, earnings
growth, gross and cumulative recoveries and the implied enterprise
value and LCAP’s and MSP’s expectations with respect to future
performance and anticipated financial impacts of the proposed
business combination, the satisfaction or waiver of the closing
conditions to the proposed business combination, and the timing of
the completion of the proposed business combination. There is no
guarantee that prospects or results or the timing of events
included or referred to in this communication will be achieved or
that MSP will be able to implement successfully its investment
strategy or achieve its investment objectives or return targets.
Accordingly, we caution you against relying on forward-looking
statements. Forward looking statements also are subject to a number
of significant risks and uncertainties that could cause the actual
results to differ materially, and potentially adversely, from those
express or implied in the forward-looking statements. These
statements are based on various assumptions, whether or not
identified in this communication, and on the current expectations
of management and are not predictions of actual performance. Actual
events and circumstances are difficult or impossible to predict and
may differ from assumptions, and such differences may be material.
Many actual events and circumstances are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, and are beyond the control of MSP and LCAP and are
difficult to predict. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as,
and must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Factors that may cause such differences include, but
are not limited to, the occurrence of any event, change, or other
circumstances that could give rise to the termination of the
Membership Interest Purchase Agreement (the “Agreement”); the
outcome of any legal proceedings that may be instituted against
LCAP or MSP or their affiliated companies following the
announcement of the proposed business combination; the inability to
complete the proposed business combination on the expected time
frame or at all, including due to failure to obtain approval of
LCAP’s stockholders, certain regulatory approvals, or the
satisfaction of other conditions to closing in the Agreement; the
occurrence of any event, change, or other circumstance that could
give rise to the termination of the Agreement or could otherwise
cause the proposed business combination to fail to close; the
inability to obtain or maintain the common stock listing on the
Nasdaq Stock Market following the proposed business combination; a
delay or failure to realize the expected benefits of the proposed
business combination; the risk that the proposed business
combination disrupts current plans and operations as a result of
the announcement and consummation of the proposed business
combination; the ability to recognize the anticipated benefits of
the proposed business combination, which may be affected by, among
other things: future economic, financial, lending, competitive and
market conditions, including healthcare spending fluctuations;
future costs of and returns on capital; leverage and lending costs
and terms; operating costs and future business, investment, holding
and sale decisions and costs; the risks that the anticipated
benefits of the partnerships with Synnova Health, Tokenology and
SirenMD are not realized or are delayed; the risks associated with
MSP’s business, including, among others, MSP’s ability to
capitalize on its assignment agreements and recover monies that
were paid by the assignors; litigation results; the validity of the
assignments of claims to MSP; a determination that MSP’s claims are
not reasonable, related or necessary; the failure of MSP’s clients
to renew their agreements with MSP (or terminate those agreements
early); MSP’s claims being within applicable statutes of
limitations; the inability to successfully expand the scope of
MSP’s claims or obtain new data and claims from MSP’s existing
assignor base or otherwise; the limited number of MSP’s assignors
and the associated concentration of MSP’s current and future
potential revenue; internal improvements to claims and retail
billing processes by MSP’s clients that reduce the need for and
revenue generated by MSP’s products and services; healthcare
spending fluctuations; programmatic changes to the scope of
benefits and limitations to payment integrity initiatives that
reduce the need for MSP’s services; delays in implementing MSP’s
services to its claims; system interruptions or failures;
cyber-security breaches and other disruptions that could compromise
MSP’s data; MSP’s failure to maintain or upgrade its operational
platforms; MSP’s failure to innovate and develop new solutions, or
the failure of those solutions to be adopted by MSP’s existing and
potential assignors; MSP’s failure to comply with applicable
privacy, security and data laws, regulations and standards,
including with respect to third party providers; changes in
legislation related to healthcare programs and policies; changes in
the healthcare market; negative publicity concerning healthcare
data analytics and payment accuracy; competition; successfully
protecting MSP’s intellectual property rights; the risk that third
parties may allege infringement of their intellectual property;
changes in the healthcare regulatory environment and the failure to
comply with applicable laws and regulations or the increased costs
associated with any such compliance; failure to manage MSP’s
growth; the inability to attract and retain key personnel; MSP’s
reliance on its senior management team and key employees and the
loss it could sustain if any of those employees separated from the
business; the failure of vendors and providers to deliver or
perform as expected, or the loss of such vendors or providers;
MSP’s geographic concentration; MSP’s relatively limited operating
history, which makes it difficult to evaluate its current or future
business prospects; the impact of the ongoing COVID-19 pandemic;
and the risk that MSP may not be able to develop and maintain
effective internal controls. The foregoing list of factors is not
exhaustive. If any of these risks materialize or MSP’s assumptions
prove incorrect, actual results may differ materiality from the
results implied by these forward-looking statements. There may be
additional risks that we do not presently know or currently believe
are immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. The foregoing
list of factors is not exclusive. Additional information concerning
certain of these and other risk factors is contained in LCAP’s most
recent filings with the SEC and will be contained in the Form S-4,
including the proxy statement/prospectus, to be filed with the SEC
in connection with the proposed business combination. This
communication speaks only as of the date indicated, and the
statements, expressions, information and data included therein may
change and may become stale, out-of-date or no longer applicable.
We do not have, and do not undertake, any obligation to update,
amend or revise this communication (or to provide new, amended or
revised materials), including with respect to any forward-looking
statements, whether as a result of new information, future events,
changed plans or circumstances or any other reason, except as
required by law. The communication should not be relied upon as
representing our assessments as of any date subsequent to the date
of this communication. Accordingly, undue reliance should not be
placed upon the communication, including the forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20211014005612/en/
For Media: ICR, Inc. MSP@icrinc.com
For Investors: ICR, Inc. Marc Griffin
Marc.Griffin@icrinc.com
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