Spruce Point no longer holding short position in Ryan Reynolds-backed Nuvei (updated)

Nuvei

28/06/2023 19:35

(Adds Nuvei shares in paragraph 2, background from earlier
short report in paragraphs 4 an 5)
       June 28 (Reuters) - 
    Spruce Point Capital Management is no longer holding a short
position in Nuvei  NVEI.TO , the Canadian fintech firm backed by
Ryan Reynolds, after the company's stock reached the
short-seller's price target range.
  
        Spruce Point disclosed the decision in a tweet on
Wednesday, sending U.S.-listed shares of Nuvei up nearly 1.4% at
$28.75.
  
        The Montreal-based fintech firm did not immediately
respond to a Reuters request for comment.
  
        In its short report in April, Spruce Point had 
    alleged
      that Nuvei's $1.3 billion acquisition of Paya Holdings
"appears troubled," as Paya was losing market share before the
takeover.
  
        The short-seller had also questioned Nuvei's ties with
bankrupt crypto exchange FTX, saying the fintech may have had an
equity interest in the exchange.
  
        Both Toronto- and Nasdaq-listed shares of Nuvei have
lost nearly a third of their value since Spruce Point disclosed
its short position in April.
  

 (Reporting by Niket Nishant in Bengaluru; Editing by Maju
Samuel)
 ((Niket.Nishant@thomsonreuters.com;))