[424B3] MSP Recovery, Inc. Prospectus Filed Pursuant to Rule 424(b)(3)
MSP Recovery, Inc. filed Prospectus Supplement No. 28, incorporating a Form 8-K dated 26 Jun 2025. The supplement registers up to 225,524 Class A shares for resale, including 106,667 shares issuable from a CPIA warrant priced at just $0.0625, implying negligible cash inflow on exercise. All share figures reflect the 1-for-25 reverse split effective 15 Nov 2024.
The 8-K highlights two financing changes. First, the Nomura promissory note was amended, lifting the principal balance to approximately $33.6 million; Nomura simultaneously waived rights to collect up to $3 million of future proceeds under the Yorkville Standby Equity Purchase Agreement (SEPA). Second, the company drew a $0.8 million fourth convertible note from Yorkville under the SEPA, bringing total SEPA borrowing to the contractual $15 million cap. Each convertible note may be exchanged for stock at the lower of a fixed price or 95 % of the five-day VWAP, but not below a $1.00 floor, and is subject to a 9.99 % ownership limit.
No operating or earnings data were provided. While the actions enhance short-term liquidity, investors face higher leverage, low-priced warrants and potential dilution as resale shares and convertible securities enter the market.
MSP Recovery, Inc. ha depositato il Supplemento al Prospetto n. 28, che incorpora un Modulo 8-K datato 26 giugno 2025. Il supplemento registra fino a 225.524 azioni di Classe A per la rivendita, incluse 106.667 azioni emesse da un warrant CPIA al prezzo di soli 0,0625 $, implicando un flusso di cassa trascurabile all'esercizio. Tutte le cifre azionarie riflettono lo split inverso 1-per-25 effettivo dal 15 novembre 2024.
Il Modulo 8-K evidenzia due modifiche finanziarie. Primo, la nota di debito Nomura 猫 stata modificata, aumentando il saldo principale a circa 33,6 milioni di dollari; Nomura ha contemporaneamente rinunciato ai diritti di incassare fino a 3 milioni di dollari di proventi futuri ai sensi dell'Accordo di Acquisto di Azioni Standby di Yorkville (SEPA). Secondo, la societ脿 ha prelevato una quarta nota convertibile di 0,8 milioni di dollari da Yorkville sotto il SEPA, portando il totale dei prestiti SEPA al limite contrattuale di 15 milioni di dollari. Ogni nota convertibile pu貌 essere scambiata con azioni al prezzo pi霉 basso tra un prezzo fisso o il 95% della media ponderata dei prezzi di chiusura a cinque giorni (VWAP), ma non al di sotto di un minimo di 1,00 $, ed 猫 soggetta a un limite di possesso del 9,99%.
Non sono stati forniti dati operativi o sugli utili. Sebbene le azioni migliorino la liquidit脿 a breve termine, gli investitori si trovano ad affrontare un aumento della leva finanziaria, warrant a basso prezzo e potenziale diluizione con l'ingresso sul mercato di azioni in rivendita e titoli convertibili.
MSP Recovery, Inc. present贸 el Suplemento al Prospecto No. 28, que incorpora un Formulario 8-K fechado el 26 junio 2025. El suplemento registra hasta 225,524 acciones Clase A para reventa, incluyendo 106,667 acciones emitibles a partir de un warrant CPIA con un precio de solo $0.0625, lo que implica un ingreso en efectivo insignificante al ejercerlo. Todas las cifras de acciones reflejan la divisi贸n inversa 1 por 25 efectiva desde el 15 noviembre 2024.
El 8-K destaca dos cambios financieros. Primero, la nota promisoria de Nomura fue enmendada, elevando el saldo principal a aproximadamente $33.6 millones; Nomura simult谩neamente renunci贸 a los derechos de cobrar hasta $3 millones de ingresos futuros bajo el Acuerdo de Compra de Acciones en Espera de Yorkville (SEPA). Segundo, la compa帽铆a tom贸 una cuarta nota convertible de $0.8 millones de Yorkville bajo el SEPA, llevando el total de pr茅stamos SEPA al l铆mite contractual de $15 millones. Cada nota convertible puede ser intercambiada por acciones al menor precio entre un precio fijo o el 95 % del VWAP de cinco d铆as, pero no por debajo de un m铆nimo de $1.00, y est谩 sujeta a un l铆mite de propiedad del 9.99 %.
No se proporcionaron datos operativos ni de ganancias. Aunque las acciones mejoran la liquidez a corto plazo, los inversores enfrentan mayor apalancamiento, warrants de bajo precio y posible diluci贸n a medida que las acciones en reventa y los valores convertibles ingresan al mercado.
MSP Recovery, Inc.電� 2025雲� 6鞗� 26鞚检瀽 Form 8-K毳� 韽暔頃橂姅 鞝�28順� 歃濌秾 靹る獏靹� 氤挫订靹滊ゼ 鞝滌稖頄堨姷雼堧嫟. 鞚� 氤挫订靹滊姅 225,524欤� 韥措灅鞀� A 欤检嫕鞚� 鞛寪毵� 霌彪鞚� 韽暔頃橂┌, 攴� 欷� 106,667欤�電� 雼� 0.0625雼煬鞐� 臧�瓴╈澊 毂呾爼霅� CPIA 鞗岆煱韸胳棎靹� 氚滍枆 臧�電ロ晿鞐� 頄夓偓 鞁� 順勱笀 鞙犾瀰鞚� 瓯办潣 鞐嗢潓鞚� 鞚橂頃╇媹雼�. 氇摖 欤检嫕 靾橃箻電� 2024雲� 11鞗� 15鞚茧秬韯� 鞁滍枆霅� 1雽� 25 鞐硲頃╈潉 氚橃榿頃╇媹雼�.
8-K 氤搓碃靹滊姅 霊� 臧�歆� 旮堨湹 氤�瓴� 靷暛鞚� 臧曥“頃╇媹雼�. 觳Ц, 雲鸽霛� 鞎届啀鞏挫潓鞚� 靾橃爼霅橃柎 鞗愱笀 鞛旍暋鞚� 鞎� 3,360毵� 雼煬搿� 歃濌皜頄堨溂氅�, 雲鸽霛茧姅 霃欖嫓鞐� Yorkville 雽�旮� 欤检嫕 毵れ瀰 瓿勳暯(SEPA)鞐� 霐半ジ 氙鸽灅 靾橃澋 斓滊寑 300毵� 雼煬毳� 靾橃法頃� 甓岆Μ毳� 韽赴頄堨姷雼堧嫟. 霊橃Ц, 須岇偓電� SEPA鞐� 霐半澕 Yorkville搿滊秬韯� 80毵� 雼煬鞚� 雱� 氩堨Ц 鞝勴櫂靷眲毳� 鞚胳稖頃橃棳 SEPA 彀瀰 齑濎暋鞚� 瓿勳暯靸� 頃滊弰鞚� 1,500毵� 雼煬鞐� 霃勲嫭鞁滌及鞀惦媹雼�. 臧� 鞝勴櫂靷眲電� 瓿犾爼 臧�瓴� 霕愲姅 5鞚� VWAP鞚� 95% 欷� 雮潃 臧�瓴╈溂搿� 欤检嫕瓿� 甑愴櫂頃� 靾� 鞛堨溂雮�, 斓滌爛 1.00雼煬 氙鸽鞙茧電� 鞎� 霅橂┌, 9.99% 靻岇湢 頃滊弰臧� 鞝侅毄霅╇媹雼�.
鞓侅梾 霕愲姅 靾橃澋 雿办澊韯半姅 鞝滉车霅橃 鞎婌晿鞀惦媹雼�. 鞚措煬頃� 臁办箻霌れ潃 雼赴 鞙犽彊靹膘潉 臧滌劆頃橃毵�, 韴瀽鞛愲摛鞚� 雴掛潃 霠堧矂毽, 鞝�臧� 鞗岆煱韸� 氚� 鞛寪毵� 欤检嫕瓿� 鞝勴櫂 歃濌秾鞚� 鞁滌灔鞐� 雮橃槫氅挫劀 頋劃 臧�電レ劚鞐� 歆侂┐頃� 鞛堨姷雼堧嫟.
MSP Recovery, Inc. a d茅pos茅 le suppl茅ment au prospectus n掳 28, incorporant un formulaire 8-K dat茅 du 26 juin 2025. Le suppl茅ment enregistre jusqu'脿 225 524 actions de classe A pour la revente, y compris 106 667 actions pouvant 锚tre 茅mises 脿 partir d'un warrant CPIA au prix tr猫s bas de 0,0625 $, impliquant un flux de tr茅sorerie n茅gligeable 脿 l'exercice. Tous les chiffres d'actions refl猫tent le regroupement inverse 1 pour 25 effectif au 15 novembre 2024.
Le formulaire 8-K met en lumi猫re deux modifications financi猫res. Premi猫rement, la lettre de change Nomura a 茅t茅 modifi茅e, portant le solde principal 脿 environ 33,6 millions de dollars ; Nomura a simultan茅ment renonc茅 aux droits de percevoir jusqu'脿 3 millions de dollars de produits futurs dans le cadre de l'accord d'achat d'actions en attente de Yorkville (SEPA). Deuxi猫mement, la soci茅t茅 a tir茅 une quatri猫me note convertible de 0,8 million de dollars aupr猫s de Yorkville dans le cadre du SEPA, portant l'emprunt total SEPA au plafond contractuel de 15 millions de dollars. Chaque note convertible peut 锚tre 茅chang茅e contre des actions au prix le plus bas entre un prix fixe ou 95 % de la moyenne pond茅r茅e des prix sur cinq jours (VWAP), mais pas en dessous d'un plancher de 1,00 $, et est soumise 脿 une limite de propri茅t茅 de 9,99 %.
Aucune donn茅e d'exploitation ou de r茅sultats n'a 茅t茅 fournie. Bien que ces actions am茅liorent la liquidit茅 脿 court terme, les investisseurs font face 脿 un levier accru, 脿 des warrants 脿 bas prix et 脿 une dilution potentielle 脿 mesure que les actions revendues et les titres convertibles entrent sur le march茅.
MSP Recovery, Inc. hat den Nachtrag zum Prospekt Nr. 28 eingereicht, der ein Formblatt 8-K vom 26. Juni 2025 enth盲lt. Der Nachtrag registriert bis zu 225.524 Class-A-Aktien zum Wiederverkauf, darunter 106.667 Aktien, die aus einem CPIA-Warrant zu einem Preis von nur 0,0625 $ ausgegeben werden k枚nnen, was einen vernachl盲ssigbaren Bareinfluss bei Aus眉bung impliziert. Alle Aktienzahlen ber眉cksichtigen den wirksamen 1-zu-25 Reverse-Split zum 15. November 2024.
Das 8-K hebt zwei Finanzierungs盲nderungen hervor. Erstens wurde die Nomura-Schuldscheinnote ge盲ndert, wodurch der Hauptsaldo auf etwa 33,6 Millionen US-Dollar erh枚ht wurde; Nomura verzichtete gleichzeitig auf Rechte zur Einziehung von bis zu 3 Millionen US-Dollar zuk眉nftiger Erl枚se gem盲脽 der Yorkville Standby Equity Purchase Agreement (SEPA). Zweitens zog das Unternehmen eine vierte Wandelanleihe in H枚he von 0,8 Millionen US-Dollar von Yorkville im Rahmen des SEPA ab, wodurch die Gesamtausleihe unter SEPA das vertragliche Limit von 15 Millionen US-Dollar erreichte. Jede Wandelanleihe kann zu dem niedrigeren Preis eines festen Preises oder 95 % des f眉nf-Tage-VWAP gegen Aktien getauscht werden, jedoch nicht unter einem 1,00 $-Mindestpreis, und unterliegt einer Eigentumsgrenze von 9,99 %.
Es wurden keine Betriebs- oder Gewinnzahlen bereitgestellt. W盲hrend die Ma脽nahmen die kurzfristige Liquidit盲t verbessern, sehen sich Anleger mit h枚herer Verschuldung, niedrigpreisigen Warrants und potenzieller Verw盲sserung konfrontiert, da Wiederverkaufsaktien und wandelbare Wertpapiere in den Markt gelangen.
- Nomura waived entitlement to up to $3 million of SEPA proceeds, reducing future cash outflows.
- $0.8 million additional funding from Yorkville enhances near-term liquidity without immediate equity issuance.
- Nomura promissory note principal increased to approximately $33.6 million, elevating leverage and interest burden.
- Convertible notes and $0.0625 CPIA warrant create significant dilution risk at prices near the current market.
- Registration of 225,524 resale shares may place incremental selling pressure on MSPR stock.
Insights
Small financing adds liquidity but higher debt and cheap warrants heighten dilution; net modestly negative for equity holders.
The $0.8 million Yorkville note and increased $33.6 million Nomura balance expand available cash, yet materially raise leverage. With shares trading at $1.26, the conversion floor of $1.00 still allows a 21 % discount, encouraging Yorkville to convert and sell. The CPIA warrant at $0.0625 is already deep in-the-money post-split, virtually guaranteeing exercise and dilution while contributing almost no capital. Registration of 225,524 shares further amplifies supply. Although Nomura鈥檚 $3 million waiver slightly offsets near-term cash drain, the overall capital structure tilts toward equity dilution and higher interest expense, pressuring per-share value.
Nomura waiver helpful; Yorkville note convertible with floor reduces price risk; combined impact neutral due to offsets.
From a capital-markets lens, the company secured incremental funding while negotiating a concession from a key creditor. The $1.00 conversion floor limits extreme downside issuance, and the 9.99 % cap contains concentration risk. The reverse-split-adjusted share count makes the 225 k registered shares modest relative to float, suggesting manageable resale pressure. Nonetheless, cumulative convertible overhang and enlarged Nomura debt restrict balance-sheet flexibility. On balance, the liquidity benefit is counterbalanced by dilution potential, rendering the filing strategically neutral.
MSP Recovery, Inc. ha depositato il Supplemento al Prospetto n. 28, che incorpora un Modulo 8-K datato 26 giugno 2025. Il supplemento registra fino a 225.524 azioni di Classe A per la rivendita, incluse 106.667 azioni emesse da un warrant CPIA al prezzo di soli 0,0625 $, implicando un flusso di cassa trascurabile all'esercizio. Tutte le cifre azionarie riflettono lo split inverso 1-per-25 effettivo dal 15 novembre 2024.
Il Modulo 8-K evidenzia due modifiche finanziarie. Primo, la nota di debito Nomura 猫 stata modificata, aumentando il saldo principale a circa 33,6 milioni di dollari; Nomura ha contemporaneamente rinunciato ai diritti di incassare fino a 3 milioni di dollari di proventi futuri ai sensi dell'Accordo di Acquisto di Azioni Standby di Yorkville (SEPA). Secondo, la societ脿 ha prelevato una quarta nota convertibile di 0,8 milioni di dollari da Yorkville sotto il SEPA, portando il totale dei prestiti SEPA al limite contrattuale di 15 milioni di dollari. Ogni nota convertibile pu貌 essere scambiata con azioni al prezzo pi霉 basso tra un prezzo fisso o il 95% della media ponderata dei prezzi di chiusura a cinque giorni (VWAP), ma non al di sotto di un minimo di 1,00 $, ed 猫 soggetta a un limite di possesso del 9,99%.
Non sono stati forniti dati operativi o sugli utili. Sebbene le azioni migliorino la liquidit脿 a breve termine, gli investitori si trovano ad affrontare un aumento della leva finanziaria, warrant a basso prezzo e potenziale diluizione con l'ingresso sul mercato di azioni in rivendita e titoli convertibili.
MSP Recovery, Inc. present贸 el Suplemento al Prospecto No. 28, que incorpora un Formulario 8-K fechado el 26 junio 2025. El suplemento registra hasta 225,524 acciones Clase A para reventa, incluyendo 106,667 acciones emitibles a partir de un warrant CPIA con un precio de solo $0.0625, lo que implica un ingreso en efectivo insignificante al ejercerlo. Todas las cifras de acciones reflejan la divisi贸n inversa 1 por 25 efectiva desde el 15 noviembre 2024.
El 8-K destaca dos cambios financieros. Primero, la nota promisoria de Nomura fue enmendada, elevando el saldo principal a aproximadamente $33.6 millones; Nomura simult谩neamente renunci贸 a los derechos de cobrar hasta $3 millones de ingresos futuros bajo el Acuerdo de Compra de Acciones en Espera de Yorkville (SEPA). Segundo, la compa帽铆a tom贸 una cuarta nota convertible de $0.8 millones de Yorkville bajo el SEPA, llevando el total de pr茅stamos SEPA al l铆mite contractual de $15 millones. Cada nota convertible puede ser intercambiada por acciones al menor precio entre un precio fijo o el 95 % del VWAP de cinco d铆as, pero no por debajo de un m铆nimo de $1.00, y est谩 sujeta a un l铆mite de propiedad del 9.99 %.
No se proporcionaron datos operativos ni de ganancias. Aunque las acciones mejoran la liquidez a corto plazo, los inversores enfrentan mayor apalancamiento, warrants de bajo precio y posible diluci贸n a medida que las acciones en reventa y los valores convertibles ingresan al mercado.
MSP Recovery, Inc.電� 2025雲� 6鞗� 26鞚检瀽 Form 8-K毳� 韽暔頃橂姅 鞝�28順� 歃濌秾 靹る獏靹� 氤挫订靹滊ゼ 鞝滌稖頄堨姷雼堧嫟. 鞚� 氤挫订靹滊姅 225,524欤� 韥措灅鞀� A 欤检嫕鞚� 鞛寪毵� 霌彪鞚� 韽暔頃橂┌, 攴� 欷� 106,667欤�電� 雼� 0.0625雼煬鞐� 臧�瓴╈澊 毂呾爼霅� CPIA 鞗岆煱韸胳棎靹� 氚滍枆 臧�電ロ晿鞐� 頄夓偓 鞁� 順勱笀 鞙犾瀰鞚� 瓯办潣 鞐嗢潓鞚� 鞚橂頃╇媹雼�. 氇摖 欤检嫕 靾橃箻電� 2024雲� 11鞗� 15鞚茧秬韯� 鞁滍枆霅� 1雽� 25 鞐硲頃╈潉 氚橃榿頃╇媹雼�.
8-K 氤搓碃靹滊姅 霊� 臧�歆� 旮堨湹 氤�瓴� 靷暛鞚� 臧曥“頃╇媹雼�. 觳Ц, 雲鸽霛� 鞎届啀鞏挫潓鞚� 靾橃爼霅橃柎 鞗愱笀 鞛旍暋鞚� 鞎� 3,360毵� 雼煬搿� 歃濌皜頄堨溂氅�, 雲鸽霛茧姅 霃欖嫓鞐� Yorkville 雽�旮� 欤检嫕 毵れ瀰 瓿勳暯(SEPA)鞐� 霐半ジ 氙鸽灅 靾橃澋 斓滊寑 300毵� 雼煬毳� 靾橃法頃� 甓岆Μ毳� 韽赴頄堨姷雼堧嫟. 霊橃Ц, 須岇偓電� SEPA鞐� 霐半澕 Yorkville搿滊秬韯� 80毵� 雼煬鞚� 雱� 氩堨Ц 鞝勴櫂靷眲毳� 鞚胳稖頃橃棳 SEPA 彀瀰 齑濎暋鞚� 瓿勳暯靸� 頃滊弰鞚� 1,500毵� 雼煬鞐� 霃勲嫭鞁滌及鞀惦媹雼�. 臧� 鞝勴櫂靷眲電� 瓿犾爼 臧�瓴� 霕愲姅 5鞚� VWAP鞚� 95% 欷� 雮潃 臧�瓴╈溂搿� 欤检嫕瓿� 甑愴櫂頃� 靾� 鞛堨溂雮�, 斓滌爛 1.00雼煬 氙鸽鞙茧電� 鞎� 霅橂┌, 9.99% 靻岇湢 頃滊弰臧� 鞝侅毄霅╇媹雼�.
鞓侅梾 霕愲姅 靾橃澋 雿办澊韯半姅 鞝滉车霅橃 鞎婌晿鞀惦媹雼�. 鞚措煬頃� 臁办箻霌れ潃 雼赴 鞙犽彊靹膘潉 臧滌劆頃橃毵�, 韴瀽鞛愲摛鞚� 雴掛潃 霠堧矂毽, 鞝�臧� 鞗岆煱韸� 氚� 鞛寪毵� 欤检嫕瓿� 鞝勴櫂 歃濌秾鞚� 鞁滌灔鞐� 雮橃槫氅挫劀 頋劃 臧�電レ劚鞐� 歆侂┐頃� 鞛堨姷雼堧嫟.
MSP Recovery, Inc. a d茅pos茅 le suppl茅ment au prospectus n掳 28, incorporant un formulaire 8-K dat茅 du 26 juin 2025. Le suppl茅ment enregistre jusqu'脿 225 524 actions de classe A pour la revente, y compris 106 667 actions pouvant 锚tre 茅mises 脿 partir d'un warrant CPIA au prix tr猫s bas de 0,0625 $, impliquant un flux de tr茅sorerie n茅gligeable 脿 l'exercice. Tous les chiffres d'actions refl猫tent le regroupement inverse 1 pour 25 effectif au 15 novembre 2024.
Le formulaire 8-K met en lumi猫re deux modifications financi猫res. Premi猫rement, la lettre de change Nomura a 茅t茅 modifi茅e, portant le solde principal 脿 environ 33,6 millions de dollars ; Nomura a simultan茅ment renonc茅 aux droits de percevoir jusqu'脿 3 millions de dollars de produits futurs dans le cadre de l'accord d'achat d'actions en attente de Yorkville (SEPA). Deuxi猫mement, la soci茅t茅 a tir茅 une quatri猫me note convertible de 0,8 million de dollars aupr猫s de Yorkville dans le cadre du SEPA, portant l'emprunt total SEPA au plafond contractuel de 15 millions de dollars. Chaque note convertible peut 锚tre 茅chang茅e contre des actions au prix le plus bas entre un prix fixe ou 95 % de la moyenne pond茅r茅e des prix sur cinq jours (VWAP), mais pas en dessous d'un plancher de 1,00 $, et est soumise 脿 une limite de propri茅t茅 de 9,99 %.
Aucune donn茅e d'exploitation ou de r茅sultats n'a 茅t茅 fournie. Bien que ces actions am茅liorent la liquidit茅 脿 court terme, les investisseurs font face 脿 un levier accru, 脿 des warrants 脿 bas prix et 脿 une dilution potentielle 脿 mesure que les actions revendues et les titres convertibles entrent sur le march茅.
MSP Recovery, Inc. hat den Nachtrag zum Prospekt Nr. 28 eingereicht, der ein Formblatt 8-K vom 26. Juni 2025 enth盲lt. Der Nachtrag registriert bis zu 225.524 Class-A-Aktien zum Wiederverkauf, darunter 106.667 Aktien, die aus einem CPIA-Warrant zu einem Preis von nur 0,0625 $ ausgegeben werden k枚nnen, was einen vernachl盲ssigbaren Bareinfluss bei Aus眉bung impliziert. Alle Aktienzahlen ber眉cksichtigen den wirksamen 1-zu-25 Reverse-Split zum 15. November 2024.
Das 8-K hebt zwei Finanzierungs盲nderungen hervor. Erstens wurde die Nomura-Schuldscheinnote ge盲ndert, wodurch der Hauptsaldo auf etwa 33,6 Millionen US-Dollar erh枚ht wurde; Nomura verzichtete gleichzeitig auf Rechte zur Einziehung von bis zu 3 Millionen US-Dollar zuk眉nftiger Erl枚se gem盲脽 der Yorkville Standby Equity Purchase Agreement (SEPA). Zweitens zog das Unternehmen eine vierte Wandelanleihe in H枚he von 0,8 Millionen US-Dollar von Yorkville im Rahmen des SEPA ab, wodurch die Gesamtausleihe unter SEPA das vertragliche Limit von 15 Millionen US-Dollar erreichte. Jede Wandelanleihe kann zu dem niedrigeren Preis eines festen Preises oder 95 % des f眉nf-Tage-VWAP gegen Aktien getauscht werden, jedoch nicht unter einem 1,00 $-Mindestpreis, und unterliegt einer Eigentumsgrenze von 9,99 %.
Es wurden keine Betriebs- oder Gewinnzahlen bereitgestellt. W盲hrend die Ma脽nahmen die kurzfristige Liquidit盲t verbessern, sehen sich Anleger mit h枚herer Verschuldung, niedrigpreisigen Warrants und potenzieller Verw盲sserung konfrontiert, da Wiederverkaufsaktien und wandelbare Wertpapiere in den Markt gelangen.
Filed Pursuant to Rule 424(b)(3)
Registration No. 333-268616
PROSPECTUS SUPPLEMENT NO. 28
(to Prospectus dated May 4, 2024)
MSP RECOVERY, INC.
225,524 Shares of Class A Common Stock
This prospectus supplement no. 28 amends and supplements the prospectus dated May 4, 2024 (as supplemented or amended from time to time, the “Prospectus”), which forms a part of our Registration Statement on Form S-1 (No. 333-268616). This prospectus supplement is being filed to update and supplement the information in the Prospectus with the information contained in our Current Report on Form 8-K, filed with the Securities and Exchange Commission (the “SEC”) on June 27, 2025 (the “Current Report”). Accordingly, we have attached the Current Report to this prospectus supplement.
This prospectus relates to the offer and sale from time to time by the selling securityholders named in this prospectus (the “Selling Securityholders”), or their permitted transferees, of up to 225,524 shares of our Class A Common Stock, par value $0.0001 per share, held by the Selling Securityholders (the “Total Resale Shares”), including up to 106,667 shares of our Class A Common Stock issuable upon exercise of the Class A Common Stock Underlying Warrant (the “CPIA Warrant”) pursuant to an Amendment to the Claim Proceeds Investment Agreement (the “Amendment”) and a Warrant Agreement (the “Warrant Agreement”) with Brickell Key Investments LP (the “CPIA Holder”). As the exercise price of the CPIA Warrant is only $0.0625 per share, should the CPIA Holder exercise the CPIA Warrant, we would only receive nominal proceeds therefrom.
Our Common Stock, Public Warrants and New Warrants are listed on Nasdaq under the symbols “MSPR,” “MSPRZ,” and “MSPRW.” On June 26, 2025, the closing price of Common Stock was $1.26 per share, the closing price of our Public Warrants was $0.02 per warrant and the closing price of our New Warrants was $0.0023 per warrant.
Effective at 11:59 PM EDT on November 15, 2024, the Company amended its Second Amended and Restated Certificate of Incorporation filed with the Secretary of State of the State of Delaware to effect a 1-for-25 reverse stock split of the Company’s common stock (the “Reverse Split”). Unless otherwise noted, the share and per share information in this Prospectus Supplement No. 28 have been adjusted to give effect to the Reverse Split.
Investing in our securities involves risks. Before you invest in our securities, please carefully read the information provided in the “Risk Factors” section beginning on page 9 of the Prospectus and any in any applicable prospectus supplement, and Item IA of our Annual Report on Form 10-K for the fiscal year ending December 31, 2024, filed with the SEC on April 16, 2025.
Neither the SEC nor any state securities commission has approved or disapproved of the securities to be issued under the Prospectus or determined if the Prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus supplement is June 27, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 26, 2025
MSP Recovery, Inc.
(Exact name of registrant as specified in its charter)
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Delaware (State or other jurisdiction |
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001-39445 (Commission |
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84-4117825 (I.R.S. Employer |
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3150 SW 38th Avenue Suite 1100 Miami, Florida |
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33146 |
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(Address of principal executive offices) |
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(Zip Code) |
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(305) 614-2222
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Class A Common stock, $0.0001 par value per share |
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MSPR |
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Nasdaq Capital Market |
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Redeemable warrants, each lot of 625 warrants exercisable for one share of Class A common stock at an exercise price of $7,187.50 per share |
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MSPRW |
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Nasdaq Capital Market |
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Redeemable warrants, each lot of 625 warrants exercisable for one share of Class A common stock at an exercise price of $0.0625 per share |
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MSPRZ |
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Nasdaq Capital Market |
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 1.01 Entry into a Material Definitive Agreement.
Nomura Amended and Restated Promissory Note
As previously disclosed, MSP Recovery, Inc. (the “Company”) entered into a Promissory Note (as amended, the “Nomura Note”) with Nomura Securities International, Inc. (“Nomura”) on May 27, 2022.
On June 26, 2025, the Company further amended and restated the Nomura Note to: (i) increase the principal amount to approximately $33.6 million, and (ii) to memorialize Nomura’s waiver of its entitlement to receive up to $3 million of proceeds from the Yorkville SEPA, subject to certain limitations described therein.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As previously disclosed, on November 14, 2023, the Company entered into the Standby Equity Purchase Agreement (“SEPA”) with YA II PN, LTD, a Cayman Islands exempt limited partnership (“Yorkville”) pursuant to which the Company has the right to sell to Yorkville up to $250 million of its shares of common stock, subject to certain limitations and conditions set forth in the SEPA, from time to time during the term of the SEPA. Sales of the shares of common stock to Yorkville under the SEPA, and the timing of any such sales, are at the Company’s option, and the Company is under no obligation to sell any shares of common stock to Yorkville under the SEPA except in connection with notices that may be submitted by Yorkville, in certain circumstances as described below.
In connection with the SEPA, and subject to the conditions set forth therein, Yorkville agreed to advance to the Company in the form of convertible promissory notes (the “Convertible Notes”) an aggregate principal amount of $15.0 million (the “Pre-Paid Advances”). In 2023, the Company issued two Convertible Notes to Yorkville for a combined principal amount of $10 million, resulting in net proceeds of $9.48 million, and in 2024 the Company issued a third Convertible Note to Yorkville in the principal amount of $5.0 million, resulting in net proceeds to us of $4.75 million.
On June 26, 2025, YA PN II, Ltd. (“Yorkville”) agreed to issue a fourth Convertible Note for $0.8 million with terms substantially the same as the previous Convertible Notes, issued pursuant to the SEPA. Yorkville may convert the Convertible Notes into shares of the Company’s common stock at a conversion price equal to the lower of the Fixed Price (as defined in each Convertible Note) or 95% of the lowest daily VWAP during the five consecutive trading days immediately preceding the date of the conversion (the “Conversion Price”), which in no event may the Conversion Price be lower than the Floor Price of $1.00, provided that the number of shares issued does not cause Yorkville to exceed the 9.99% ownership limitation.
In addition, Yorkville, in its sole discretion and providing that there is a balance remaining outstanding under the Convertible Notes, may deliver a notice under the SEPA requiring the issuance and sale of shares of common stock to Yorkville at the Conversion Price in consideration of an offset of the Convertible Notes (“Yorkville Advance”). Yorkville, in its sole discretion, may select the amount of any Yorkville Advance, provided that the number of shares issued does not cause Yorkville to exceed the 9.99% ownership limitation or the amount of shares of common stock that are registered. As a result of a Yorkville Advance, the amounts payable under the Convertible Notes will be offset by such amount subject to each Yorkville Advance.
This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any shares of common stock, nor shall there be any sale of shares of common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Item 3.02 Unregistered Sales of Equity Securities.
The information set forth in Item 2.03 of this Current Report on Form 8-K is incorporated herein by reference.
In the SEPA, Yorkville represented to the Company, among other things, that it is an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the Securities Act). The securities referred to in this Current Report on Form 8-K are being issued and sold by the Company to Yorkville in reliance upon the exemption from the registration requirements of the Securities Act afforded by Section 4(a)(2) of the Securities Act.
Item 9.01. Financial Statements and Exhibits.
Exhibit Number |
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Description |
10.1 |
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Yorkville SEPA (incorporated by reference to Exhibit 10.10 to the Form 10-Q filed on November 14, 2023) |
10.2 |
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Yorkville Convertible Note dated June 26, 2025 |
10.3 |
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Amended and Restated Nomura Note dated June 26, 2025 |
104 |
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Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company 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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Dated: June 27, 2025 |
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By: |
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/s/ Alexandra Plasencia |
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Name: |
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Alexandra Plasencia |
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General Counsel |
Source:
FAQ
How many MSPR shares are being registered for resale in the latest prospectus?
What is the new principal balance of the Nomura promissory note?
How much additional funding did MSP Recovery receive from Yorkville on 26 Jun 2025?
What is the minimum conversion price for Yorkville鈥檚 convertible notes?
When did MSP Recovery complete its 1-for-25 reverse stock split?
