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  "documentTitle": "Nuvei Corp (NVEI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-09 00:00:00",
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  "notes": "The slide uses a third-party review (MerchantMaverick) to validate the activist's negative thesis about the company's business model.",
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      "kind": "callout",
      "text": "Final verdict: \"Nuvei seems content to continue following the same, old shady practices....\"",
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      "text": "Nuvei seems content to continue following the same, old shady practices....",
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      "text": "Pivotal Payments review content detailing concerns about rebranding, long-term contracts, early termination fees, and independent sales agents.",
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      "kind": "quote",
      "text": "“When a company rebrands itself, it’s a chance to shake up the old ways of doing business and introduce a new approach that offers more value to its customers. Unfortunately, Nuvei seems to have missed this opportunity entirely with the switch from the Pivotal Payments brand name.” — Merchantmaverick.com",
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      "text": "Source: Merchantmaverick.com. Red emphasis Spruce Point",
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      "text": "Pros: Multi-currency support, Next-day funding available. Cons: Early termination fee, independent sales agents, expensive leases, limited support, monthly fee.",
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      "kind": "title",
      "text": "Nothing Has Changed",
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