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

(Reuters) - Spruce Point Capital Management is no longer holding a short position in Nuvei, 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 allegedthat 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)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• US eyes airlines, digital assets as Iran-related targets, Bessent says
• Spain's iPronics raises $125 million from Nvidia, others for data center networking chips
• Uber plans 10% workforce cut to trim management layers