MSP Recovery Inc. Secures $250 Million Equity Purchase Agreement with Yorkville
Reuters
Aug 09
MSP Recovery Inc. Secures $250 Million Equity Purchase Agreement with Yorkville
MSP Recovery Inc. has entered into an amendment to an existing financing agreement with YA II PN, LTD, a Cayman Islands exempt limited partnership known as Yorkville. The Standby Equity Purchase Agreement $(SEPA)$, originally disclosed on November 14, 2023, allows MSP Recovery the right to sell up to $250 million in common stock to Yorkville. The company retains the discretion to determine the timing and quantity of the stock sales under the SEPA. The recent update involves Yorkville's commitment to advance MSP Recovery a total of $16.5 million through convertible promissory notes, with $10 million already issued in 2023 and an additional $5.75 million issued through 2024 and 2025. These financial maneuvers aim to fortify MSP Recovery's fiscal standing and operational capabilities.
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