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Tuesday, May 30, 2023

Triterras, Inc. (TRIT) Stock on a Rise, Here’s the Potential Reason

Triterras, Inc. (TRIT), a fintech company, has surged 7.58% in aftermarket trading session. As a result, the stock is trading at $2.48 at the time of the writing. On the last working day, i.e. Thursday, TRIT closed the day at $2.64 after gaining an increase of 2.72% during the regular trading session. The consistent increase could be attributed to the company’s update regarding the NASDAQ listing.

Why TRIT Surging?

On Thursday, TRIT provided an update on Nasdaq’s December 10, 2021 decision to delist the Company for failure to file its Form 20-F for the fiscal year ended February 28, 2021. The company appealed the decision on 16th December to Nasdaq Hearing Panel. The company requested a stay of the decision of delisting and a stay on the trading suspension which is set to expire on 3rd January. As a result, the company announced that the panel granted its request for the extension of suspension till 15 days, i.e. 20th January.

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Update on Independent Audit

In early December, TRIT provided an update on the Independent audit of financial for the fiscal year ended 28th February. The company said that it continues to work with its independent auditor for the finalization of the audit, but at the moment, the audit was yet to be finalized. Hence, the company had not met Nasdaq’s deadline for the filing of the annual report for the fiscal year ended 28th February. The company informed Nasdaq regarding the situation.

Future Outlook for TRIT

During the last one month period, TRIT stock has slid by more than 40%. The prime reason for the slump is the company’s audit-related issues, or a delay in announcing fiscal results, which are causing trouble for the stock. However, analysts are hopeful that once the company gets out of these regulatory issues, TRIT stock would have the potential to attract potential investors.

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