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MSP Recovery, Inc. (NASDAQ:MSPR), whose stock has declined nearly 90% over the past year and currently trades at $0.53, announced Monday that its stockholders approved two proposals at a special meeting held the same day, according to a statement based on a recent SEC filing.
Stockholders representing approximately 74.74% of the company’s common stock were present at the meeting, either virtually or by proxy. Each share was entitled to one vote.
The first proposal, which was approved, authorizes an amendment to the company’s certificate of incorporation to effect a reverse stock split of MSP Recovery’s common stock. The reverse split ratio will be set between 1-for-2 and 1-for-7, with the final ratio to be determined at the discretion of the board of directors. The results for this proposal were 6,640,800 votes in favor, 231,939 against, and 2,811 abstentions.
The second proposal, also approved by shareholders, allows for the issuance of shares of Class A common stock to Virage Recovery Master LP upon exercise of certain warrants, in order to comply with Nasdaq Listing Rule 5635(d). The voting results for this item were 5,082,916 in favor, 143,965 against, and 4,810 abstentions, with 1,643,859 broker non-votes. According to InvestingPro data, the company faces significant financial challenges with a weak health score of 1.32 out of 5 and concerning cash burn rates.
The company’s Class A common stock and certain warrants continue to trade on the Nasdaq Capital Market under the symbols MSPR, MSPRW, and MSPRZ.
This information is based on a press release statement and details provided in the company’s recent SEC filing.
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