Litigation Nightmare

Today we cover: $LCAP, $ZNTE, $HLXA, and more…

MSP Recovery Closes $3 Billion Deal Ahead of SPAC Merger

Miami-based MSP Recovery announced that litigation finance investor, Virage Capital Management had agreed to pay $3 billion for the rights to receive 50% of all future awards against insurance companies.

Virage has previously invested $440 million in MSP Recovery. MSP Recovery announced its SPAC merger in July with Lionheart Acquisition Corp II in a deal that values the combined company at $32.6 billion, which makes it the second biggest SPAC transaction to date.

CEO John Ruiz believes that the income from the Virage deal will come in over and above the income projections that it showed to investors in the SPAC deal, which it expects to close within 60 days.

In the investor presentation, management said that not expects revenues to come in at $992 million in 2022, $3.1 billion in 2023, and $23.8 billion in 2026.

MoonLake Immunotherapeutics Announces $620 Million SPAC Deal

Clinical Stage Biotechnology company, MoonLake Immunotherapeutics has announced a SPAC merger with Helix Acquisition Corp in a deal that values the combined company at an Enterprise Value of $620 million.

MoonLake focuses on creating next-level therapies for inflammatory skin and joint diseases and will be listed on Nasdaq after the transaction closes under the ticker symbol ‘MLTX’.

The deal will generate $230 million in gross proceeds, which includes a $115 million PIPE investment from Cormorant Asset Management and Funds managed by Ghost Tree Capital Group, Monashee Investment Management, and RTW Investments.

The deal will help fund the clinical programs for sonelokimab which creates patients affected by IL-17A/F-driven inflammatory diseases.

FSC Denies SPAC Mergers in Taiwan 

The Financial Supervisory Commission has stated that companies will not be allowed to go public through a SPAC listing in Taiwan.

The commission believes that SPACs are not a good fit for the market as individual investors account for 70% of all investors in the market and are more successful in the US with institutional support. Taiwanese companies looking to go public through a SPAC merge will have to look towards the US to close deals.

Taiwanese start-up Gogoro decided to merge with US-Based Poema Global Holdings Corp and will Debut on Nasdaq later this year.

Regulation in the US allows a SPAC to go public without any pre-existing operations or revenues but the practice is in conflict with rules in Taiwan, which reviews financial reports of the companies seeking to go public, but SPACs can’t produce financial reports and thus are denied a public listing.

Reddit Reads

EVE Receives Order for 100 VTOL’s 

Eve Urban Air Mobility has received an order for up to 100 eVTOLs from Avantto, a Brazil-based fractional ownership aircraft operator. Deliveries of the eVTOL’s are scheduled to begin in 2026.

BHIL Announces Earnings Date

Benson Hill has announced its third-quarter Earnings Date for November 15th and has provided highlights from the 8K to be related after today’s close.

When you hear Leonardo DiCaprio is Backing Polestar 

Aurora and FedEx Team Up to Address Driver Shortage 

Autonomous vehicle company Aurora is partnering with FedEx to test the use of self-driving trucks to ship goods between Dallas and Houston.

The partnership comes amidst a shortage of drivers in the trucking industry, which are resulting in delays and higher delivery costs. Autonomous vehicles aren’t limited by hours of service, which would make it easier to move goods around the company.

The collaboration features an operator in the truck to oversee the system in the initial stage although trucks will reach full autonomy within the next two years.

The travel route will span a range of 500 miles to help FedEx deliver packages to customers in the state of Texas. Aurora announced plans to go public through a SPAC merger with Reinvent Technology Partners Y earlier this year.

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