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MSP Recovery, Inc. ("MSP" or the "Company") (NASDAQ:MSPR) (NASDAQ:MSPRW), a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery and technology leader, today announced the Company will begin doing business as "LifeWallet" in 2023. In connection there with, the Company's common stock will begin trading on Nasdaq under the ticker symbol "LIFW" at the beginning of 2023. This ticker symbol will replace the Company's current ticker symbol for its common stock, "MSPR". Additionally, the Company's publicly traded warrants to purchase common stock will begin trading under the ticker symbols "LIFWW" and "LIFWZ". These ticker symbols will replace the Company's current ticker symbols for its publicly traded warrants, "MSPRW" and "MSPRZ", respectively.
The Company will not change its core strategy, and the core business remains the same – secondary payer reimbursement recoveries. Utilizing the name LifeWallet reflects the diverse recovery opportunities presented by the company's growing technological innovations and consolidates all of those lines of business under the same name, while positioning itself to generate additional revenues that were not predicted at the time of its business combination.
The LifeWallet name has gained nationwide recognition over the last year. LifeWallet launched its state-of-the-art technology which aims to put patients at the center of the healthcare ecosystem by giving them access to their health information when most needed and by connecting them seamlessly with providers and payers. LifeWallet also gained national attention as a marketing trailblazer for committing over $10 million to Name, Image and Likeness ("NIL") contracts for collegiate athletes following the NCAA's groundbreaking new legislation allowing college athletes to make money off of their person while still in school. LifeWallet's commitment to NIL contracts garnered national attention on news outlets across the country, and was even featured in a segment titled "Meet Miami's NIL king, John Ruiz" on Outside the Lines – an Emmy Award winning television program running on ESPN since 1990 – watched by over 204,000 people, as well as countless other media outlets throughout the country.
"It's an exciting time for our company, our employees and our customers," said MSP Recovery Founder and CEO, John H. Ruiz. "Rebranding better positions us to continue executing on our core business of secondary payer reimbursement recoveries, while also better aligning us for growth and to take advantage of LifeWallet's now nationally recognized brand. We continue experiencing substantial growth and looking to grow and expand the scope of our recovery opportunities coupled with our unique technology. When explaining our business to potential new clients, LifeWallet is immediately understood as a way to save lives while helping the healthcare industry with data, patient care and revenue cycles. And our new branding is simply a reflection of that growth."
The LifeWallet platform is expected to provide real-time analytics at the point of care, helping identify the primary insurer, assisting providers in receiving reasonable and customary rates for accident-related treatment, shortening the company's collection time frame, and increasing revenue visibility and predictability. It integrates into the Chase-to-Pay model announced by company at the time of the business combination agreement. The platform also aims to avoid the improper documenting of medical claims that lead to improper billing, thereby preventing fraud, waste, and abuse, and is also expected to provide an Application Programming Interface ("API") that allows patients to gain immediate access to all of their medical records when seeking medical treatments.
Prior announcements by the company of advancements in the development of its unique ecosystem and expanded capabilities, have included among other things:
"Our industry-leading legal, technological, and data expertise puts our company in a unique position to provide solutions at scale for the U.S. healthcare system," said Ruiz. "We will continue innovating and disrupting the healthcare system as it relates to data ingestion, patient efficiencies, proper payments, and more."
The re-branding to LifeWallet will be effectuated as a doing business as (DBA) of MSP Recovery and will not result in any changes to the C-suite or the company's Board of Directors. The company will, after the ticker change, refer to itself as "LifeWallet." The company anticipates the ticker change to LIFW will become effective in the beginning of 2023. No action by the Company's shareholders will be required with respect to either ticker symbol change. The Company's common stock and warrants will continue to be listed on Nasdaq and the respective CUSIP numbers will remain unchanged.