Why Paysafe Stock Plunged by 10% on Friday

Why Paysafe Stock Plunged by 10% on Friday

U.K.-based fintech Paysafe (NYSE:PSFE) had a lousy time on the U.S. exchange at the end of the week. Just after market close on Thursday, Paysafe announced that its board of directors has approved a reverse stock split. The company will reverse-split its common shares at a ratio of one new share for every 12 existing ones.