Nuvei Corp., a global payment technology company, successfully bounced back from the allegations made by Spruce Point Capital Management, an investment management firm based in New York.
Spruce Point claimed that Nuvei faced a long-term downside risk of 35% to 50%, which caused Nuvei’s share to drop by approximately 2%. However, Nuvei’s recovery can be attributed to the recent announcement by Hollywood Star Ryan Reynolds, who is now an active investor in the company.
Reynolds praised Nuvei’s leadership team, stating that they are intelligent and hard-working. After the announcement, Nuvei’s share, which previously fell by almost 6%, rose by 1%.
Nuvei’s CEO Phil Fayer welcomed Reynolds into the company and expressed enthusiasm for his involvement. Although this was the second time Nuvei faced losses due to allegations by Spruce Point Capital, the company managed to recover significantly.