Questions Nuvei’s Acquisitions of SafeCharge and Smart2Pay In Europe In Light of What Appears To Be Dramatic Margin Improvements For Businesses Believed To Be Under Pressure Questions Why Nuvei Acquired Base Commerce And Vantage Payments When Each Company's Founders Were Associated With TelexFree, One of The World’s Largest Ponzi Schemes, And Questions Vantage and Nuvei’s Business Connections To The Adult Film Industry Department of Justiceīelieves Investors Should Know Why Nuvei Failed To Disclose The Departure of Allan Lacoste, A Named Executive And EVP of North American Partnerships, Who Was Recently Referenced In A Lawsuit As Being Allegedly Involved In A $100 Million Fraud CaseĪsserts That Nuvei’s North American Organic Growth Has Been Under Pressure, But Claims Significant Benefits From Ecommerce Volumes, Leading Us to Question Why Moe Tassoudji, An Individual Connected To A Past Boiler Room Scandal And An SEC-Charged Individual, Is Best Suited To Lead Its North American Ecommerce Partnerships Reveals Evidence That CEO Fayer Previously Falsified His Educational Credentials And That The CFO And Chief Corporate Development Officer Are Concealing Their Involvement At A Company Whose Parent Forfeited $19 Million In Criminal Proceeds Following An Agreement With The U.S. Warns Investors That Nuvei, Under The Leadership of CEO/Founder Philip Fayer, Has Gone Through Multiple Rebrands And Has Demonstrated A Pattern of Shady Business Practices, Resulting In Fraud Allegations From Former Customers NOTE TO EDITORS: The Following is An Investment Opinion Issued by Spruce Point Capital Management

Shady business practices