Lionheart Acquisition Corporation II Announces Clarification Regarding New Warrants and Updated Target Closing Date

Lionheart Acquisition Corporation II (Nasdaq: LCAPU, LCAP and LCAPW) (“Company”) announces a clarification on the issuance of New Warrants, as previously announced in connection with its business combination with MSP Recovery, LLC (the “Business Combination”).

Following the closing of the Business Combination (the “Closing”), which is now expected to occur on May 23, 2022, the Company’s Class A Common Stock will cease trading on the Nasdaq Capital Market (“Nasdaq CM”) under the symbol “LCAP” (CUSIP 53625R104), and begin trading on Nasdaq Global Market (“Nasdaq GM”) under the symbol “MSPR” (CUSIP 553745100) and the Company’s warrants, each to purchase one share of Class A Common Stock at $11.50 per share (the “Existing Warrants”), will cease trading on the Nasdaq CM under the symbol “LCAPW” and begin trading on Nasdaq GM under the symbol “MSPRZ” rather than continuing to trade under “LCAPW” as previously planned.

Upon this conversion, for each share of Class A Common Stock traded under “LCAP” immediately prior to the Closing that did not elect to be redeemed (the “Continuing Shares”) in connection with the Business Combination, holders will receive one share of Class A Common Stock traded under “MSPR” and the right to receive New Warrants in an amount equal to the product of (a) the number of Continuing Shares held multiplied by (b) 118.109463483458 (the “New Warrant Ratio”), to be issued as soon as practicable following the Closing, which is currently estimated to be 10 days following the Closing. Additionally, the Units of the Company trading on Nasdaq CM under the symbol “LCAPU,” each comprised of one share of Class A Common Stock and one-half of one Existing Warrant, will be split into their component parts and for each Unit, holders will receive one share of Class A Common Stock trading under the ticker symbol “MSPR” and one-half of one Existing Warrant (with any fractional warrant rounded down) in addition to the right to receive New Warrants in an amount equal to the product of (a) the number of Units held multiplied by (b) the Warrant Ratio.

The Warrant Ratio was calculated based on the previously disclosed intent to issue approximately 1,029,000,000 New Warrants pro rata (or on as nearly a pro rata basis as is practicable) to the holders of the Company’s Class A Common Stock, on the close of business on the closing date, based on their proportionate ownership of the then-outstanding shares of Class A Common Stock, in each case after giving effect to any redemptions by the holders of Class A Common Stock, the conversion of the Company’s Class B Common Stock to Class A Common Stock, and the separation of Units into their component parts, which resulted in an expected 8,712,257 shares of Class A Common Stock.