Welcome to our dedicated page for MSP Recovery news (Ticker: LIFW), a resource for investors and traders seeking the latest updates and insights on MSP Recovery stock.
MSP Recovery, Inc., trading under the ticker symbol LIFW, is a leading healthcare recovery and data analytics company dedicated to disrupting the traditional healthcare reimbursement system. Founded in 2014, the company, now known as LifeWallet, excels in identifying and recovering claims where primary payment responsibility lies with another payer. This process involves a multi-level approach utilizing proprietary software and a team of IT personnel, accountants, statisticians, physicians, data analysts, and attorneys.
LifeWallet operates mainly through two business segments: Claims Recovery and Chase to Pay Services. The company employs advanced data analytics to pinpoint paid claims that should have been covered by another payer, ensuring compliance and maximizing recovery efforts on behalf of clients. These recoveries can date back as far as six years, providing substantial financial benefits to health plans, management service organizations, and providers of medical services.
LifeWallet's comprehensive compliance solutions are specifically designed to resolve claims where the law dictates that another payer bears the primary payment responsibility. This often includes auto insurance, general liability insurance, workers' compensation, and product liability carriers.
Recently, the company's common stock began trading on a split-adjusted basis on October 13, 2023. With this reverse stock split, every 25 shares were converted into one share, enhancing the stock's trading price and marketability. The new CUSIP number is 553745-20-9.
In the latest developments, LifeWallet has resolved bid price deficiencies, ensuring continued compliance with Nasdaq listing standards. Additionally, the company plans to hold its 2023 Annual Meeting of Stockholders on November 1, 2023.
For more information, visit: lifewallet.com
LifeWallet (NASDAQ: LIFW) announced that it received a notification from Nasdaq on April 18, 2023, regarding non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The Company has until June 20, 2023, to file the report or propose a compliance plan to avoid delisting. Despite this, the Company asserts that restatements related to previous financial statements will not impact its ongoing operations or cash position. LifeWallet is engaged in recovery efforts involving Medicare and Medicaid, which have the potential for future revenue. The Company remains optimistic, leveraging blockchain technology to enhance financial solutions.
LifeWallet (NASDAQ: LIFW) announced on April 16, 2023, that it has successfully renegotiated two significant financial obligations with Virage Capital Management and Nomura Securities. The payment dates for these obligations have been extended to September 30, 2024. This move demonstrates ongoing investor confidence from Virage, which has supported LifeWallet’s business model for over six years. Additionally, LifeWallet noted a delay in filing its Annual Report on Form 10-K for the fiscal year ending December 31, 2022, and plans to restate financial statements for the periods ending June 30, 2022, and September 30, 2022, due to complex accounting reassessments. The company is enhancing its financial controls and has formed a special committee to address issues related to the report filing.
LifeWallet (NASDAQ: LIFW) has announced major upgrades to its LifeWallet Health ecosystem, enhancing tools for healthcare providers and patients. Key features include a new Provider Portal for real-time claims analytics, an upgraded mobile application with Health Snaps that convert medical claims into records, and patient intake kiosks with biometric authentication. The Provider Portal leverages blockchain technology via LifeChain, capable of processing over 1 million claims per minute. These innovations aim to improve healthcare efficiency, accuracy, and accessibility, empowering patients and providers by streamlining the claims process.
LifeWallet (NASDAQ: LIFW) has announced the cancellation and rescheduling of its March 31, 2023, earnings release and investor conference call. The company will file a Form 12b-25 Notification of Late Filing with the SEC due to ongoing negotiations regarding material agreements and the need for additional time to finalize its Form 10-K for the year ended December 31, 2022. LifeWallet aims to submit the Form 10-K within the 15-day grace period provided by Rule 12b-25. A follow-up announcement will detail the new date and time for the earnings conference call.
On March 29, 2023, MSP Recovery, doing business as LifeWallet (NASDAQ: LIFW), announced it has finalized agreements with Hazel Partners Holdings for the purchase and sale of $150 million in recovery rights. The company secured a $15 million funding tranche from a credit agreement and previously reported a working capital agreement of $48 million. Additionally, LifeWallet's national lawyer referral service is expected to generate revenue of up to $1 million monthly. The Florida Court of Appeal recognized LifeWallet's technology in a class action case involving 4.4 million people against Florida Power & Light.
MSP Recovery, operating as LifeWallet (NASDAQ: LIFW), announced it will release its fourth quarter and full year 2022 financial results on March 31, 2023, after market close. A conference call for investors and analysts will occur at 4:30 PM Eastern Time on the same day, accessible via pre-registration. A live webcast will be available on LifeWallet’s website, with a replay accessible post-event.
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