BUZZ-Lionheart Acquisition Corp II trims gains after mega-merger with MSP Recovery

(Updates) ** Blank-check co's shares trim early gains, now up ~1% at $9.98 premarket

** Stock jumped as much as 8.6% earlier, set to open at over a month's high ** Co to take payments recovery firm MSP Recovery public in $32.6 bln SPAC deal

** Deal would be the second-biggest SPAC merger ever, behind the ~$40 bln Grab Holdings-Altimeter Growth Corp merger ** Agreement will fetch $230 mln in proceeds for MSP - LCAP, which had its IPO in August

** SPAC's shareholders will be issued more than 1 bln warrants in connection with the merger if they do not redeem common shares - LCAP ** As of last close, shares down ~2% YTD

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