MSP Recovery went public on the Nasdaq in May 2022. Facing Nasdaq Delistment, John Ruiz's LifeWallet Grapples With Its Ambitious $32 Billion Valuation
After a disastrous IPO, the company continued to value some of its assets at pre-IPO share prices.
April 20, 2023 at 05:00 AM
18 minute read
Last May, Miami plaintiffs lawyer and LifeWallet founder John Ruiz rang the opening bell on the floor of the Nasdaq to celebrate the first day of trading of his public company. It was the second-largest business combination in history that occurred through a special-purpose acquisition company, a method of taking a company public that dominated the rocket-fueled capital markets of 2021 and early 2022 in part because it skirted much of the regulatory scrutiny associated with traditional IPOs.
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