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  <div style="padding-top:0.5in;z-index:2;min-height:1in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><span style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</span></p></div>
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     <td style="width:2%;box-sizing:content-box;"/>
     <td style="width:98%;box-sizing:content-box;"/>
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     <td style="width:2.02%;box-sizing:content-box;"/>
     <td style="width:97.98%;box-sizing:content-box;"/>
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   <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;">
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     <td style="width:2.02%;box-sizing:content-box;"/>
     <td style="width:97.98%;box-sizing:content-box;"/>
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    <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;">
     <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span><ix:nonNumeric id="F_661bb2d5-dad4-4853-a879-fb332154c877" contextRef="C_40bf3706-93cb-43bc-8b1d-d634d922fc74" name="dei:PreCommencementIssuerTenderOffer" format="ixt-sec:boolballotbox"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#9744;</span></ix:nonNumeric></span></p></td>
     <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</span></p></td>
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   </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Securities registered pursuant to Section 12(b) of the Act:</span></p>
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     <td style="width:62.24%;box-sizing:content-box;"/>
     <td style="width:1.02%;box-sizing:content-box;"/>
     <td style="width:10.2%;box-sizing:content-box;"/>
     <td style="width:1.02%;box-sizing:content-box;"/>
     <td style="width:25.52%;box-sizing:content-box;"/>
    </tr>
    <tr style="height:8pt;white-space:pre-wrap;word-break:break-word;">
     <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:1pt solid #000000;padding-right:0in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:1pt;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Title of each class</span></p></td>
     <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:1pt solid #ffffff03;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td>
     <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:1pt solid #000000;padding-right:0in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Trading</span></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:1pt;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Symbol(s)</span></p></td>
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     <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span><ix:nonNumeric id="F_342539a3-bdeb-4add-9380-122eaae081cc" contextRef="C_0e7b6f3e-daa9-4c39-894b-fae235b7f9c8" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Nasdaq</span></ix:nonNumeric></span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;Capital Market</span></p></td>
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    <tr style="white-space:pre-wrap;word-break:break-word;">
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     <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:2pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</span></p></td>
     <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:2pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</span></p></td>
     <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:2pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</span></p></td>
     <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:2pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</span></p></td>
    </tr>
    <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;">
     <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span><ix:nonNumeric id="F_c40aede8-150d-44aa-9dcc-c28b8d46f0b2" contextRef="C_a5e22129-35f1-4875-9f18-97e6afd13364" name="dei:Security12bTitle"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">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</span></ix:nonNumeric></span></p></td>
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     <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td>
     <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span><ix:nonNumeric id="F_3ed6ce43-2387-4703-8122-89d0e93332cc" contextRef="C_a5e22129-35f1-4875-9f18-97e6afd13364" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Nasdaq</span></ix:nonNumeric></span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;Capital Market</span></p></td>
    </tr>
    <tr style="white-space:pre-wrap;word-break:break-word;">
     <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:2pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</span></p></td>
     <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:2pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</span></p></td>
     <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:2pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</span></p></td>
     <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:2pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</span></p></td>
     <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:2pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</span></p></td>
    </tr>
    <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;">
     <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span><ix:nonNumeric id="F_2783a2cc-6a8e-4ed9-a0cd-4ed6160f5681" contextRef="C_d640a716-f4d4-4878-a8f9-e015df338686" name="dei:Security12bTitle"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">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</span></ix:nonNumeric></span></p></td>
     <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</span></p></td>
     <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span><ix:nonNumeric id="F_634f78fd-10ec-4218-bcec-27c9fd791c76" contextRef="C_d640a716-f4d4-4878-a8f9-e015df338686" name="dei:TradingSymbol"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">MSPRZ</span></ix:nonNumeric></span></p></td>
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  <div style="z-index:2;flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><span style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</span></p></div>
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  <div style="padding-top:0.5in;z-index:2;min-height:1in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><span style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</span></p></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Item 1.01 Entry into a Material Definitive Agreement.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Nomura Amended and Restated Promissory Note</span></p><p style="text-indent:3.733%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As previously disclosed, MSP Recovery, Inc. (the &#8220;Company&#8221;) entered into a Promissory Note (as amended, the &#8220;Nomura Note&#8221;) with Nomura Securities International, Inc. (&#8220;Nomura&#8221;) on May 27, 2022.</span></p><p style="text-indent:3.733%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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&#8217;s waiver of its entitlement to receive up to $3 million of proceeds from the Yorkville SEPA, subject to certain limitations described therein.</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</span></p><p style="text-indent:3.733%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As previously disclosed, on November 14, 2023, the Company entered into the Standby Equity Purchase Agreement (&#8220;SEPA&#8221;) with YA II PN, LTD, a Cayman Islands exempt limited partnership (&#8220;Yorkville&#8221;) 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&#8217;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.</span></p><p style="text-indent:3.733%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 &#8220;Convertible Notes&#8221;) an aggregate principal amount of $15.0 million (the &#8220;Pre-Paid Advances&#8221;). 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.</span></p><p style="text-indent:3.733%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On June 26, 2025, YA PN II, Ltd. (&#8220;Yorkville&#8221;) 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&#8217;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 &#8220;Conversion Price&#8221;), 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.</span></p><p style="text-indent:3.733%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 (&#8220;Yorkville Advance&#8221;). 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.</span></p><p style="text-indent:3.733%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Item 3.02 Unregistered Sales of Equity Securities.</span></p><p style="text-indent:3.733%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The information set forth in Item 2.03 of this Current Report on Form 8-K is incorporated herein by reference.</span></p><p style="text-indent:3.733%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In the SEPA, Yorkville represented to the Company, among other things, that it is an &#8220;accredited investor&#8221; (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.</span></p></div>
  <div style="z-index:2;flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><span style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</span></p></div>
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  <div style="padding-top:0.5in;z-index:2;min-height:1in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><span style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</span></p></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Item 9.01. Financial Statements and Exhibits.</span></p><div class="item-list-element-wrapper" style="margin-left:2.537%;text-indent:3.831%;font-size:0;margin-top:6pt;justify-content:flex-start;margin-bottom:0;min-width:3.731%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:2.870833034074469%;word-break:keep-all;text-indent:0;display:inline-flex;justify-content:flex-start;">(d)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Exhibits</span></div></div><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p>
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     <td style="padding-top:0in;padding-left:0.08in;vertical-align:bottom;padding-bottom:0in;border-bottom:1pt solid #000000;padding-right:0.08in;"><p style="font-size:8pt;margin-top:2.65pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Exhibit</span></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:1.5pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Number</span></p></td>
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     <td style="padding-top:0in;padding-left:0.08in;vertical-align:bottom;padding-bottom:0in;border-bottom:1pt solid #000000;padding-right:0.08in;"><p style="font-size:8pt;margin-top:2.65pt;font-family:Times New Roman;margin-bottom:1.5pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Description</span></p></td>
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     <td style="padding-top:0in;padding-left:0.08in;vertical-align:middle;padding-bottom:0in;padding-right:0.08in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">10.1</span></p></td>
     <td style="padding-top:0in;padding-left:0.08in;vertical-align:middle;padding-bottom:0in;padding-right:0.08in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</span></p></td>
     <td style="padding-top:0in;padding-left:0.08in;vertical-align:middle;padding-bottom:0in;padding-right:0.08in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><a href="https://www.sec.gov/Archives/edgar/data/1802450/000095017023063845/lifw-ex10_10.htm"><span style="color:#0000ff;white-space:pre-wrap;text-decoration:underline solid;font-kerning:none;min-width:fit-content;">Yorkville SEPA (incorporated by reference to Exhibit 10.10 to the Form 10-Q filed on November 14, 2023)</span></a></p></td>
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     <td style="padding-top:0in;padding-left:0.08in;vertical-align:middle;padding-bottom:0in;padding-right:0.08in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</span></p></td>
     <td style="padding-top:0in;padding-left:0.08in;vertical-align:middle;padding-bottom:0in;padding-right:0.08in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><a href="mspr-ex10_2.htm"><span style="color:#0000ff;white-space:pre-wrap;text-decoration:underline solid;font-kerning:none;min-width:fit-content;">Yorkville Convertible Note dated June 26, 2025</span></a></p></td>
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     <td style="padding-top:0in;padding-left:0.08in;vertical-align:middle;padding-bottom:0in;padding-right:0.08in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">10.3</span></p></td>
     <td style="padding-top:0in;padding-left:0.08in;vertical-align:middle;padding-bottom:0in;padding-right:0.08in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</span></p></td>
     <td style="padding-top:0in;padding-left:0.08in;vertical-align:middle;padding-bottom:0in;padding-right:0.08in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><a href="mspr-ex10_3.htm"><span style="color:#0000ff;white-space:pre-wrap;text-decoration:underline solid;font-kerning:none;min-width:fit-content;">Amended and Restated Nomura Note dated June 26, 2025</span></a></p></td>
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     <td style="padding-top:0in;padding-left:0.08in;vertical-align:middle;padding-bottom:0in;padding-right:0.08in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">104</span></p></td>
     <td style="padding-top:0in;padding-left:0.08in;vertical-align:middle;padding-bottom:0in;padding-right:0.08in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td>
     <td style="padding-top:0in;padding-left:0.08in;vertical-align:middle;padding-bottom:0in;padding-right:0.08in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).</span></p></td>
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  <div style="z-index:2;flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><span style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</span></p></div>
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  <div style="padding-top:0.5in;z-index:2;min-height:1in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><span style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</span></p></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:1pt solid #808080;text-align:left;"><span style="white-space:pre-wrap;font-size:1pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:4pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</span></p><p style="font-size:10pt;margin-top:4pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SIGNATURES</span></p><p style="text-indent:3.733%;font-size:10pt;margin-top:4pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:4pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</span></p>
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{"company-data": {"conformed-name": "MSP Recovery, Inc.", "cik": "0001802450", "assigned-sic": "7374", "organization-name": "06 Technology", "ein": "844117825", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-39445", "film-number": "251086262"}, "business-address": {"street1": "3150 SW 38TH AVENUE", "street2": "SUITE 1100", "city": "MIAMI", "state": "FL", "zip": "33146", "phone": "305.614.2222"}, "mail-address": {"street1": "3150 SW 38TH AVENUE", "street2": "SUITE 1100", "city": "MIAMI", "state": "FL", "zip": "33146"}, "former-company": [{"former-conformed-name": "Lionheart Acquisition Corp. II", "date-changed": "20200724"}, {"former-conformed-name": "Lionheart Acquisition Corp.", "date-changed": "20200205"}]}
8-K
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)
Delaware
(State or other jurisdiction
of incorporation)
001-39445
(Commission
File Number)
84-4117825
(I.R.S. Employer
Identification No.)
3150 SW 38th Avenue
Suite 1100
Miami
,
Florida
33146
(Address of principal executive offices)
(Zip Code)
(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:
☐
Written communications pursuant to Rule 425 under the Securities Act
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
☐
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
Trading
Symbol(s)
Name of each exchange
on which registered
Class A Common stock, $0.0001 par value per share
MSPR
Nasdaq
Capital Market
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
MSPRW
Nasdaq
Capital Market
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
MSPRZ
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.
(d)
Exhibits
Exhibit
Number
Description
10.1
Yorkville SEPA (incorporated by reference to Exhibit 10.10 to the Form 10-Q filed on November 14, 2023)
10.2
Yorkville Convertible Note dated June 26, 2025
10.3
Amended and Restated Nomura Note dated June 26, 2025
104
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.
MSP R
ECOVERY
, I
NC
.
Dated: June 27, 2025
By:
/s/
Alexandra Plasencia
Name:
Alexandra Plasencia
Title:
General Counsel