MSP Recovery Implements Reverse Stock Split for Compliance
MSP Recovery Announces a Reverse Stock Split
MSP Recovery, Inc. (NASDAQ: MSPR), a leader in Medicare, Medicaid, and secondary payer reimbursement recovery, recently announced a reverse stock split of its Class A common stock at a ratio of 1-for-7. This strategic move aims to ensure compliance with Nasdaq's minimum bid price requirement.
Details of the Stock Split
The reverse stock split will take effect at 11:59 PM, and the shares will begin trading on a split-adjusted basis the following trading day. This initiative is vital for MSP Recovery to meet the essential requirement of maintaining a bid price of at least $1.00 per share as stipulated by Nasdaq's Marketplace Rule 5450(a)(1).
Trading Continuity on Nasdaq
Following the split, the Company's shares will continue to be listed on the Nasdaq Capital Market under the symbol "MSPR." Hence, stockholders can expect a seamless transition, assuring that the stock remains actively traded and monitored.
Approved by Stockholders
Earlier, MSP Recovery's stockholders sanctioned the reverse stock split, enabling the board of directors to confirm the split ratio and execute the procedure. The Company has completed the necessary amendments to its Certificate of Incorporation reflecting the new split ratio.
Impact of the Reverse Stock Split
As a result of the reverse split, each group of seven shares will automatically combine into one share of common stock. Therefore, post-split, there will be roughly 1.02 million shares of Class A common stock outstanding. This action is expected to positively impact the stock's market presence and investor perception.
About MSP Recovery
Founded in 2014, MSP Recovery has positioned itself at the forefront of healthcare reimbursement recovery. The Company utilizes innovative, data-driven techniques to secure recoveries from payers, thus streamlining the healthcare reimbursement landscape. With comprehensive solutions spanning various sectors—including healthcare and legal—MSP Recovery continues to disrupt traditional reimbursement methods.
Innovative Technology Solutions
MSP Recovery is committed to pioneering new technology solutions for a variety of industries. Their focus remains on improving efficiency and accuracy in healthcare recoveries, thereby benefiting stakeholders across the reimbursement chain.
Frequently Asked Questions
What is the reason for MSP Recovery's reverse stock split?
The reverse stock split is implemented to maintain compliance with Nasdaq's minimum bid price requirements, ensuring that the Company's shares remain listed and actively traded.
What will be the new trading ratio after the split?
After the reverse stock split, the new trading ratio will be 1-for-7, meaning that every seven shares will consolidate into one share.
Will MSPR continue trading on Nasdaq?
Yes, MSPR will continue to trade on the Nasdaq Capital Market under the same ticker symbol following the reverse stock split.
What happens to my shares after the reverse stock split?
Your shares will automatically convert into the equivalent number of shares at the specified split ratio, maintaining their value in the process.
How can I learn more about MSP Recovery's services?
You can visit the official MSP Recovery website for detailed information on their services and technological innovations in healthcare reimbursement recovery.
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