Why is Triterras, Inc. (TRIT) stock declining today?

Triterras, Inc. (TRIT) experienced a downfall of 6.54% in the premarket today after the audit committee investigation comes to an end. However, the last trading session closed at $8.11 with an incline of 34.49%.

Audit Committee Investigation

TRIT has made a significant announcement on 28th October 2021. The Board of Directors’ Audit Committee is delighted to inform that the brief report issued in January 2021 has been completed. The Audit Committee has decided that the accusations included in the short report lack either factual support or substantial foundation after investing significant resources, time, and energy in completing its inquiry and assessing the work of external advisers. As a result, the Audit Committee has determined that the Company does not need to take any further action in response to those accusations.

Independent Audit of Fiscal 2021 Financials

TRIT announced that it has given an update on the independent audit of the company’s financial accounts on 5th October 2021. Although the Company had hoped to complete the Audit by September 30, 2021, more time is required. Nasdaq has given the Company until November 1, 2021, to file its Annual Report on Form 20-F with the US Securities and Exchange Commission in order to recover compliance with Nasdaq Listing Rule 5250(c)(1).

Moreover, the Company expects the Audit to be completed in time for the Company’s Annual Report on Form 20-F to be finalized and filed on November 1, 2021. Following the conclusion of the Audit, the Company intends to announce the time and date of its earnings conference call to review the fiscal year ended February 28, 2021, results and offer a business update.

Finance Team with Key Appointments

TRIT reported the appointment of management executives on 18th August 2021. As the firm continues to expand the global availability of Kratos, its digital trade and trade finance platform, to lenders and capital providers throughout the world, it has announced the appointment of top executives. Frank Barbarino, Americas Head, Funds Origination & Structuring, has joined TRIT. In making purchases and allocating money to trade financing, he will work directly with Triterras’ customers, which include institutional investors such as investment managers and asset owners. Moreover, Barbarino’s knowledge and skills in asset management will help to Triterras’ expansion as a technology-enabled financial company, with more than two decades of experience.

Amoy Chambers has been engaged as Head of Legal – Structuring, and Distribution by TRIT. Chambers will collaborate closely with the structured finance and business development teams to build, negotiate, and complete commercial agreements. Furthermore, Chambers is an expert in consumer finance, M&A, regulatory compliance, corporate governance, litigation management, payments, and digital technology. Prior to joining Triterras, Chambers worked at HSBC Bank in New York as a Senior Vice President and Associate General Counsel, where she advised on a variety of legal, transactional, product development, and regulatory issues in the trade finance business.