- As a result of additional agreements signed by MSP Recovery,
the Paid Amount (as explained below) associated with MSP Recovery’s
portfolio of claims has increased by more than 440% from September
30, 2021
- Once MSP Recovery onboards and analyzes these newly assigned
claims with its proprietary algorithms, the Paid Value of
Potentially Recoverable Claims (as explained below) associated with
its portfolio is currently expected to exceed its previously
forecasted amount through 2025
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”), today announced that it has signed
additional agreements with new and existing clients for additional
healthcare claims, which significantly increase the Paid Amount
associated with MSP Recovery’s portfolio of claims.
As of September 30, 2021, MSP’s portfolio included approximately
$256 billion in Billed Amount (reflecting the full amount billed by
a provider to a health plan or insurer) and approximately $61
billion in Paid Amount (reflecting amounts actually paid to a
provider from a health plan). MSP estimates that the Paid Value of
Potentially Recoverable Claims associated with its portfolio as of
September 30, 2021, was approximately $15 billion (which represents
the estimated Paid Amount associated with claims that MSP projects
as potentially recoverable). Today, MSP is announcing additional
agreements with new and existing clients that add over $270 billion
in Paid Amount to MSP’s portfolio (with an estimated Billed Amount
in excess of $1.3 trillion). These additional claims increase the
total Paid Amount associated with MSP’s portfolio to an estimated
$330 billion, which represents a greater than 440% increase over
the total Paid Amount as of September 30, 2021. Once MSP onboards
and analyzes these newly assigned claims through its proprietary
algorithms, the Paid Value of Potentially Recoverable Claims
associated with its portfolio is currently expected to exceed its
previously forecasted amount through 2025.
“Today’s news is a new milestone as MSP Recovery continues to
expand its claims recovery portfolio since announcing the business
combination with LCAP in July,” said MSP Recovery Founder and CEO,
John H. Ruiz. “We believe we are well-positioned to take advantage
of the growing level of interest from providers and payers in the
industry-leading services we provide and the growing recognition by
the healthcare industry of the need for MSP Recovery’s specialized
expertise,” explained Mr. Ruiz. “We have the data, healthcare, and
legal knowledge necessary to maximize our integrated platform,
focusing on proper healthcare delivery, compliance and payment
integrity, while innovating live-saving technologies to improve
healthcare for all Americans,” Ruiz said.
MSP Recovery believes it is uniquely positioned to identify the
responsible payers and provide optimal and accurate allocation of
resources, saving healthcare providers and payers billions of
dollars in improper payments, while innovating technologies to
improve the quality of healthcare and help save lives.
“MSP Recovery’s revolutionary data analytics platform combined
with its strategic business growth has created impressive results,”
stated Ophir Sternberg, Chairman and CEO of Lionheart. “Today’s
announcement illustrates MSP’s ability to realize new revenue
streams, incremental to the original business combination forecast,
providing significant upside to LCAP shareholders,” Sternberg
said.
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. MSP Recovery provides the healthcare industry with
comprehensive compliance solutions, while innovating technologies
designed to help save lives. For more information, visit:
www.msprecovery.com.
About Lionheart Acquisition Corporation II
On January 4, 2022, LCAP filed with the U.S. Securities and
Exchange Commission (the "SEC") a definitive proxy statement
regarding an extension of the deadline to complete its business
combination from February 18, 2022 to August 18, 2022 (the
"Extension Proxy Statement"). Further, 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.
Important Information and Where to Find It
In connection with the potential business combination (the
“proposed business combination”), LCAP has filed a registration
statement on Form S-4 (the “Form S-4”) with the SEC. The Form S-4
includes a proxy statement / prospectus to be distributed, once
definitive, 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 the Extension
Proxy Statement and the Form S-4, including, when available, the
amendments thereto and the definitive proxy statement/prospectus,
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 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 is included in the Form S-4
and will be included in any amendments thereto, as well as the
definitive proxy statement/prospectus, when 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 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 Amount, projected Paid Value
of Potentially Recoverable Claims, 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.
Actual recoveries to MSP from its claims portfolio may vary
materially from the projected amounts of potentially recoverable
claims. 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, any inaccuracies in the assumptions underlying MSP’s
forecasts over time, including its estimates of Paid Value of
Potentially Recoverable Claims; the occurrence of any event,
change, or other circumstances that could give rise to the
termination of the Membership Interest Purchase Agreement (as may
be amended from time to time, 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, the Form S-4, including any amendments
thereto and the definitive 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220124005914/en/
For Media: ICR, Inc. MSP@icrinc.com
For Investors: ICR, Inc. Marc Griffin
Marc.Griffin@icrinc.com
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