Triterras Inc. (OTC Expert Market: TRIRF) (“Triterras” or the “Company”), a leading fintech company focused on trade and trade finance, today reported its financial results for the six-months ended August 31, 2022, representing the first half of the Company’s 2023 fiscal year.
Triterras Returns vs. S&P
| 1 YEAR | 5 YEARS | 5 YEAR Annualized | SINCE IPO | |
|---|---|---|---|---|
| TRIT | -88.60% | -97% | ||
| S&P | -16.78% | +41.62% | +7.21% | +37% |
Triterras Company Info
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The ongoing drama of the company’s reporting requirements won’t stop and investors appear to be worried.
What has happened
The shares of Triterras ( TRIT), which offers an blockchain-connected trade financing platform plunged sharply in the early hours on Thursday and could lose up to 25 percent from their worth. As of around 11:30 a.m. ET The stock was at a loss of around 20%..
The biggest news broke at the close of yesterday’s trading when the company released an update on the long-delayed annual statement (Form 20-F) which was released on February. 28 2021. Investors appear to be bored of the ongoing tension.
What’s the question?
To summarize the news, Triterras will not meet the Nasdaq deadline to provide an annual financial report to Securities and Exchange Commission (SEC). The company therefore isn’t in compliance with listing requirements. Management is currently working on the issue and has informed Nasdaq of the problem, saying that it will provide more updates as it learns more.
The main threat for the near future is that Triterras could be delisted that could make it more difficult the investors’ ability to buy shares and could cause some to decide to trade their shares. This would result in downward pressure on prices in what will likely be a more liquid market for shares. Investors may be looking to exit before this occurs.
The board of the company did start an audit to ensure that everything was in order exactly as it should be. In the last week of Oct, it was declared that it had completed its audit, and discovered nothing to be wrong. The stock rose in line with what you would think.
The company, however, also stated that it had delayed the publication of the company’s annual reports. The company was granted approval by Nasdaq for this, and with the Nov. 1 deadline. The company did not meet that deadline (leading to a significant decline in its stock price) however, and then was given an extension of the deadline until December. 1. It was late also. It is now seeking for another extension but there is no information on whether or whether Nasdaq will allow it.
An audit isn’t an easy or fast task however, ignoring several deadlines isn’t a positive sign either and investors are becoming more and more anxious. It’s completely normal.
What do we do now?
Blockchain technology is quite thrilling and Triterras has developed a distinctive product that’s based on the technology, and there’s certainly an opportunity for investors to invest in the shares. However, considering the ongoing controversy surrounding the company’s Form20-F which is a form of financial reporting, the majority of investors should remain on the sidelines. This will likely be the case until the company’s annual filing with the SEC.
