Newly public MSP Recovery (MSPR) stock plunged 64% on Tuesday in the wake of its merger with SPAC Lionheart Acquisition Corp. II (LCAP), a deal which had valued the combined company with a pro forma enterprise value of $32.6B.
Shares of MSP opened at $5.25, hitting a low of $3.30 in late morning. The stock recently changed hands at $3.86, down 64%, at approximately 12:05 p.m. ET. Lionheart shares closed at $10.78 on Monday.
Based in Florida, MSP Recovery specializes in recovering payments from Medicare, Medicaid, commercial and secondary payers.
Lionheart said on Tuesday that its warrants would now trade under the symbol MSPRZ. It added that since the merger was announced, MSP Recovery had developed additional revenue streams. In July, the companies had pegged the enterprise value of the combined company at around $32.6B.
The merger was approved by Lionheart shareholders on May 19.