Paysafe Ltd-A 2025年年度报告和过渡报告

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:59,888,304common sharesand53,900,329warrants. If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d)of the Securities Exchange Act of 1934.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (orfor such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of thischapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large acceleratedfiler,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected to use the extended transitionperiod for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.☐ The term "new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5,2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting overSection 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ PAYSAFE LIMITEDTABLE OF CONTENTS IntroductionCautionary Note Regarding Forward-Looking StatementsIndustry and Market DataSummary Risk FactorsDefined Terms PART I Item 1.Identity of Directors, Senior Management and AdvisersItem 2.Offer Statistics and Expected TimetableItem 3.Key InformationItem 4.Information on the CompanyItem 4A.Unresolved Staff CommentsItem 5.Operating and Financial Review and ProspectsItem 6.Directors, Senior Management and EmployeesItem 7.Major Shareholders and Related Party TransactionsItem 8.Financial InformationItem 9.The Offer and ListingItem 10.Additional InformationItem 11.Quantitative and Qualitative Disclosures About Market RiskItem 12.Description of Securities Other than Equity Securities PART II Item 13.Defaults, Dividend Arrearages and DelinquenciesItem 14.Material Modifications to the Rights of Security Holders and Use of ProceedsItem 15.Control and ProceduresItem 16A.Audit Committee Financial ExpertItem 16B.Code of EthicsItem 16C.Principal Accountant Fees and ServicesItem 16D.Exemptions from the Listing Standards for Audit CommitteesItem 16E.Purchases of Equity Securities by the Issuer and Affiliated PurchasersItem 16F.Change in Registrant’s Certifying AccountantItem 16G.Corporate GovernanceItem 16H.Mine Safety DisclosureItem 16I.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsItem 16J.Insider Trading PoliciesItem 16K.Cybersecurity PART III Item 17.Financial StatementsItem 18.Financial StatementsItem 19.Exhibits and Financial Statement Schedules INDEX TO FINANCIAL STATEMENTS INTRODUCTION Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading payments platform with an extensive track record of servingmerchants and consumers in the global entertainment sectors. Its core purpose is to enable businesses and consumers to connect andtransact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. In thisannual report on Form 20-F (including information incorporated by reference herein, the “Report”), references to “we,” “us,” “our,”“our business,” “the Company,” “Paysafe” and similar references refer to Paysafe Limited and, where appropriate, its consolidatedsubsidiaries. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Report contains or may contain forward-looking statements as defined in Section 27A of the Securities Act of 1933, asamended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), thatinvolve significant risks and uncertainties. All statements other than statements of historical facts are forward-looking statements.These forward-looking statements include information about our possible or assumed future results of operations or ourp