Here is why Triterras Inc. (TRIT) stock plummeted in the after-hours on Monday?

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NAOV Stock
NAOV Stock

Triterras Inc. (TRIT) shares plunged 18.18% in after-hours on Monday, November 1, 2021, and closed the daily trading at $6.12. In regular trading, TRIT’s stock gained 0.27%. TRIT shares have fallen 27.38% over the last 12 months, and they have moved up 9.04% in the past week. Over the past three months, the stock has gained 46.38%, while over the past six months, it has jumped 7.78%.

Let’s see what are the latest news about the company?


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TRIT update about independent Audit

On November 01, 2021, Triterras Inc. (TRIT, TRITW) provided an update on the independent audit of its financial statements for the fiscal year ended February 28, 2021.

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The company is still unable to meet Nasdaq’s November 1, 2021 deadline to file its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission, due to an unanticipated delay in the finalization of the Audit.

Triterras now requested again to Nasdaq for an extension to file to December 1, 2021 and is waiting for the decision. There is no guarantee that Nasdaq will permit the extension.

Previously, the company received an extension to November 1, 2021, to regain compliance with Nasdaq Listing Rule 5250(c)(1) by filing its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission, which did not happen.

This matter is pending since July 1, 2021, when Nasdaq issued a notice to Triterras stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because it had not timely filed its 2021 Annual Report with the U.S. Securities and Exchange Commission.

TRIT new appointments

On August 18, 2021, Triterras Inc. (TRIT, TRITW) appointed two management executives, as the company continues to accelerate the global availability of Kratos.

The company appointed Frank Barbarino as Americas Head, Funds Origination & Structuring. He has more than 20 years of experience in asset management.

Triterras also appointed Amoy Chambers as Head of Legal – Structuring & Distribution. Chambers will work closely with the structured finance and business development teams to structure, negotiate and close commercial transactions and provide effective risk management.

TRIP partnership with essDOCS

On July 22, 2021, Triterras Inc. (TRIT, TRITW) announced a collaboration with essDOCS, a paperless global trade management company, to accelerate the use of digital trade documents for Triterras’ global community of commodity traders.

Triterras will integrate essDOCS’ CargoDocs electronic document capabilities onto Kratos, enabling Triterras’ customers to create, review and approve a paper or electronic bills of lading (eB/L) with their supply chain.

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Conclusion

Well, another delay in completing the financial audit and filing its annual report on Form 20F was the reason behind its after-hours loss on Monday. We can expect it to further slide down on Tuesday as well. The company needs to solve this issue as soon as possible so that it can return to positivity.

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