The stock of Triterras, Inc. (TRIT) lost value in the current market today after the company announced that they will be releasing the independent auditing results for the fiscal year ended in Feb 2021. The stock traded at $3.44 losing more than 22% from the previously closed value. At the end do of the last trading session the stock closed at $4.41. The average volume of the stock traded was around 3.16 million.
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Reason of the TRIT stock decline
Triterras, Inc. (TRIT) is a leading trade and trade finance-focused Fintech Company. Today they announced in a press release that they will be providing an update on the independent audit of the result of the financial statement for the fiscal year that ended on 28th February 2021.
The company said that they will continue their work with the independent auditor firm but as of now the audit is not completed yet and the company did not meet the deadlines of NASDAQ for its Annual Report. The company has yet to file its Annual Report on Form 20-F of the last fiscal year with Security Exchange Commission.
The company announced that they have informed the NASDAQ about the ongoing situation and is expecting to make a public announcement in a press release. Previously, NASDAQ had extended the date of Form 20-F submission till 1st December 2021 which has passed and the company did not meet the deadline due to some technical issues. They said as soon as the audition completes, the company will disclose the results of the audit for the fiscal year ended on 28th February 2021 in a press release and will host a conference call to give important business information.
Effect on the stock decline
After this press release, the situation of uncertainty was created in the market for its stock. Investors were seen to be shy in investing in its stock. There were more other good options in the same price bracket. The stock could regain or lose more as soon as its report goes public. Till then it could remain in this uncertain situation.
Conclusion
The stock value is dependent on the report that will be available to the public by the company very soon. It will show the performance of the company and its upcoming plans for the company and its profitability.
