The Latest SPAC News and Rumors: October 1, 2021

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Solid Power awarded $12.5 million to develop nickel- and cobalt-free all-solid-state battery cells; MSP Recovery enters into $3 billion agreement with Virage Capital Management

Solid Power Awarded Up To $12.5 Million to Develop Nickel- and Cobalt-Free All-Solid-State Battery Cells

Solid Power, Inc., an industry-leading developer of all-solid-state battery cells for electric vehicles, in the process of merging with Decarbonization Plus Acquisition Corporation III (NASDAQ: DCRC), today announced an award from the Intelligence Advanced Research Projects Activity (IARPA) for a multi-phase, multi-year research contract to develop nickel- and cobalt-free all-solid-state battery cells.

Solid Power expects to receive up to $12.5M to complete the project through the life of the contract.

MSP Recovery Enters into $3 Billion Agreement to Sell Select Healthcare Claims Recoveries to Virage Capital Management 

MSP Recovery, LLC, a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader, that in July announced a planned business combination with Lionheart Acquisition Corporation II (NASDAQ: LCAP) yesterday announced an agreement to monetize up to $3 billion of select healthcare claims recovery interests to its investment partner, Virage Capital Management LP.

This initial agreement provides the platform to create a new source of revenue for MSP Recovery and gives Virage the right to buy recoveries otherwise due to MSP’s assignors– up to an aggregate total of $3 billion.

MSP’s 50% share of the recovery amount remains untouched by the agreement, which now provides an additional avenue to monetize the Clients’ 50% of the total recovery amount.