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  "docSlug": "062cb2b9b6a4",
  "documentTitle": "Nuvei Corp (NVEI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-09 00:00:00",
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  "pageNumber": 100,
  "pageCount": 119,
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  "slideType": "expose_contradiction",
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  "notes": "Uses Wayback Machine evidence to highlight potential corporate deception regarding operational footprint.",
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      "kind": "callout",
      "text": "Smart2Pay's margin increase is unlikely to be explained by its ability to rationalize its operational footprint. Using the Wayback Machine, we see that even through May 2021, it was still operating out of five global locations. The website has recently been updated and now omits operations in the U.S. and Spain.",
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      "kind": "callout",
      "text": "Smart2Pay’s margin increase is unlikely to be explained by its ability to rationalize its operational footprint. Using the Wayback Machine, we see that even through May 2021, it was still operating out of five global locations. The website has recently been updated and now omits operations in the U.S. and Spain.",
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      "text": "Comparison of office locations between May 2021 and Nov 2021",
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      "text": "Source: Smart2Pay website",
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      "kind": "source-note",
      "text": "Source: Aug 2020 through May 2021 via Wayback Machine",
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      "kind": "title",
      "text": "Smart2Pay Shrinking",
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