Nuvei shares rose as much as 1.6% before giving up those gains to trade down 0.7% at 10:27 a.m. in Toronto.
Reynolds also did a marketing pitch for Nuvei. On Twitter, he posted a video in which he sits on Chief Executive Officer Philip Fayer’s desk and pokes fun at his low profile compared with US technology executives.
The company, founded in Montreal in 2003, offers a payments platform for businesses in close to 50 countries. It offers services to clients from the gaming and crypto industries, including DraftKings Inc. and Binance Holdings Ltd.
“I know about as much about fintech as I did about gin or mobile a few years ago,” Reynolds said in a news release. “But Nuvei is impressive. The leadership team is exceedingly intelligent and hard-working and it’s about time a Canadian company got the type of attention American tech companies do.”
Reynolds backed budget wireless provider Mint Mobile, which last month agreed to a sale to T-Mobile US Inc. for as much as $1.35 billion.
Fayer’s company went public in 2020 amid a soaring demand for technology stocks during the first year of the pandemic, and the next year it briefly crossed C$25 billion ($18.7 billion) in market value. But it slumped after it was the subject of a critical report by short-seller Spruce Point Capital Management and in the broader tech correction. It’s now worth about C$8 billion.
Source: GMB
