UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
Nasdaq Stock Market Listing
On August 16, 2023, MSP Recovery, Inc. (the “Company”) received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company was not in compliance with the requirements of Nasdaq Listing Rule 5250(c)(1) (“Rule 5250(c)(1)”) as a result of not having timely filed its Form 10-Q for the period ended June 30, 2023 (the “ Form 10-Q”) with the Securities and Exchange Commission (“SEC”).
As a result of this additional delinquency, the Company must submit an update to its original plan to regain compliance with respect to the filing requirement no later than August 31, 2023. As previously disclosed in the Company’s Current Report on Form 8-K filed on August 7, 2023, the Company received a letter from Nasdaq granting the Company an extension, until August 30, 2023, to file the Form 10-Q and regain compliance with Rule 5250(c)(1).
This notification has no immediate effect on the listing of the Company’s common stock on Nasdaq and the Company’s Class A Common Stock (“LIFW Stock”) continues to be listed on the Nasdaq Global Market under the stock symbol “LIFW.” If the Company fails to timely regain compliance with Rule5250(c)(1), the Company’s LIFW Stock will be subject to delisting from Nasdaq. The Company is working diligently and expects to file the Form 10-Q by August 30, 2023 extension deadline.
On August 17, 2023, the Company issued a press release announcing the receipt of the non-compliance letter from Nasdaq. A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press release issued by MSP Recovery, Inc. on August 17, 2023
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MSP Recovery, Inc. |
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Date: |
August 17, 2023 |
By: |
/s/ Alexandra Plasencia |
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Name: Title: |
Alexandra Plasencia |
For Investors:
ICR, Inc.
Marc Griffin
Marc.Griffin@icrinc.com
For Media:
ICR, Inc.
MSP@icrinc.com
LifeWallet files its Form 10-Q for the period ended March 31, 2023
LifeWallet Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c) and
Expects to File Form 10-Q for the period ended June 30, 2023 in the coming weeks
Coral Gables, Florida, – August 17, 2023 – 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, announced it has filed its Form 10-Q for the period ended March 31, 2023.
Additionally, the Company received a notification letter on August 16, 2023 from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) stating the Company was not in compliance with the requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having timely filed its Form 10-Q for the period ended June 30, 2023 (the “Form 10-Q”) with the Securities and Exchange Commission (“SEC”).
The Company is working expeditiously to file its Form 10-Q for the period ending June 30, 2023. Subsequently, the company looks forward to holding a conference call to discuss historical events, current status, and futuristic outlook. The Company continues its strategy, daily operations, and mission to disrupt the antiquated healthcare reimbursement system with data-driven solutions for consumers and industries.
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, education, and sports NIL, while innovating technologies to help save lives. For more information, visit: www.lifewallet.com.