Shares in MSP Recovery, a healthcare litigation company that went public in one of the largest ever blank-cheque deals, fell by 53 per cent on its first day of trading, casting doubt over its staggering valuation.
The Coral Gables, Florida-based company started trading on the Nasdaq exchange on Tuesday, a day after completing a reverse merger with a special purpose acquisition company called Lionheart Acquisition Corporation II.
Spacs are shell companies that list on stock markets in search of a company to acquire. They have lost popularity among investors after a boom in 2020.
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