John Hasan Ruiz, the Chief Executive Officer of MSP Recovery, Inc. (NASDAQ:MSPR), a company currently valued at $13.31 million and trading at just 0.04 times book value according to InvestingPro, reported a series of stock transfers according to a recent SEC filing. As part of a marital settlement agreement effective December 13, 2024, Ruiz transferred his interest in Ruiz Group Holdings Limited, LLC, which held 16,000 shares of Class A Common Stock, to his ex-wife, Mayra Ruiz. This transfer was made at a price of $0 per share, reflecting no economic transaction. The transfer comes amid challenging market conditions for MSPR, with the stock down 97% year-to-date and showing high price volatility.
Additionally, Ruiz transferred 1,012,123 Up-C Units, which are paired with Class V Common Stock, as part of the same settlement agreement. These units, held in Ruiz Group Holdings Limited, LLC and Jocral Family LLLP, were also transferred without a financial transaction. Following these transfers, Ruiz's holdings include 111,657 shares of Class A Common Stock and 2,322,531 shares issuable from Class B units and Class V Common Stock.
These transactions reflect changes in Ruiz's ownership structure due to personal circumstances rather than market-driven sales or purchases.
In other recent news, MSP Recovery, Inc. has made several strategic moves. The company has announced its transition from the Nasdaq Global Market to the Nasdaq Capital Market, following approval to transfer its common stock listing. MSP Recovery has also initiated a significant rebranding, consolidating its services under one brand and adopting a new ticker symbol, MSPR.
In terms of financial developments, MSP Recovery has regained compliance with Nasdaq's minimum bid price requirement, ensuring its Class A common stock remains actively traded. The company has issued new warrants to Virage Recovery Master LP, as part of an ongoing agreement.
MSP Recovery has also made substantial progress in its claims recovery operations, acquiring recovery rights to a portfolio of Medicare Secondary Payer claims exceeding $10.6 billion from Hazel Partners Holdings LLC. This acquisition marks a significant expansion of MSP Recovery's claims recovery operations.
The company's Board of Directors has been authorized to implement a reverse stock split of its common stock. Furthermore, MSP Recovery secured a significant agreement modification with Virage Recovery Master LP, waiving a clause that would have expedited payment under certain conditions. This development provides MSP Recovery with increased flexibility in financial management.
Lastly, MSP Recovery issued a substantial number of shares to investment firm Yorkville, as part of a broader strategy to finance its growth. These recent developments reflect MSP Recovery's ongoing efforts to enhance its financial health and market presence.
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