Triterras, Inc. Receives Notification from Nasdaq Related to Delayed Annual Report
2021年7月6日 - 9:00PM
Triterras Inc. (Nasdaq:
TRIT, TRITW) (“Triterras” or the “Company”), today
announced that, on July 1, 2021, it received a notice (the
“Notice”) from the Listing Qualifications Department of the Nasdaq
Stock Market LLC (“Nasdaq”) stating that the Company is not in
compliance with Nasdaq Listing Rule 5250(c)(1) because it had not
timely filed its Annual Report on Form 20-F for the fiscal year
ended February 28, 2021 (the “2021 Annual Report”) with the U.S.
Securities and Exchange Commission (the “SEC”). Nasdaq Listing Rule
5250(c)(1) requires listed companies to timely file all required
public financial reports with the SEC.
The Notice provides that the Company has until August 2, 2021 to
submit to Nasdaq a plan to regain compliance with the Nasdaq
Listing Rules. If Nasdaq accepts the Company’s plan, then Nasdaq
may grant the Company an exception of up to 180 calendar days from
the due date of the 2021 Annual Report, or until December 27, 2021,
to regain compliance. If Nasdaq does not accept the Company’s plan,
then the Company would have the opportunity to appeal that decision
to a Nasdaq hearings panel. The Notice has no immediate impact on
the listing of the Company’s securities on Nasdaq.
As previously reported by the Company in its Notification of
Late Filing on Form 12b-25, filed with the SEC on June 28, 2021,
the Company was not able to file its 2021 Annual Report by the
prescribed due date due to the nature of and time constraints
inherent in the process for the Company to search for and engage a
new independent registered public accounting firm and to enable
Nexia TS Public Accounting Corporation (“Nexia TS”), the Company’s
new independent registered public accounting firm, to complete the
audit (the “Audit”) of the Company’s consolidated financial
statements for the fiscal year ended February 28, 2021. The Company
is working diligently to assist Nexia TS to complete the Audit as
soon as practicable. The Company intends to submit to Nasdaq a plan
to regain compliance on or before August 2, 2021 as required by the
Notice.
According to Srinivas Koneru, Chairman and CEO of the Company,
“Our team is working very hard to craft a compliance plan that is
acceptable to Nasdaq while we simultaneously are supporting the
activities of our independent auditor, Nexia TS, in the conduct of
our financial audits. We hope to resume timely reporting as soon as
possible.”
About TriterrasTriterras is a leading
fintech company focused on trade and trade finance. It launched and
operates Kratos™—one of the world’s largest commodity trading and
trade finance platforms that connects and enables commodity traders
to trade and source capital from lenders directly online. For more
information, please visit triterras.com or email us at
contact@triterras.com.
Forward Looking StatementsThis press release
includes “forward-looking statements” within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. Triterras’ actual results may differ from their
expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believe,” “hope,” “predict,”
“potential,” “continue,” and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements include Triterras’ expectations with respect to future
performance. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to
differ materially from the expected results. Most of these factors
are outside Triterras’ control and are difficult to predict.
Factors that may cause such differences include but are not limited
to risks and uncertainties related to the risks set forth under
“Risk Factors” in Triterras’ Form 20-F (SEC File No.: 001-39693)
filed with the SEC on November 16, 2020 and in Triterras’ other
filings with the SEC, and risks relating to completion of the Audit
and acceptance by Nasdaq of Triterras’ plan to regain compliance,
such as the ability of the Nexia to complete the Audit, any
potential adjustments to the Company’s financial statements that
may be necessary in connection with completion of the Audit and the
timing of such completion. Triterras cautions that the foregoing
list of factors is not exclusive. There can be no assurance that
Nasdaq will accept Triterras’ plan to regain compliance or that
Triterras will be able to regain compliance within any extension
period granted by Nasdaq. Triterras cautions readers not to place
undue reliance upon any forward-looking statements, which speak
only as of the date made. Triterras does not undertake or accept
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions, or
circumstances on which any such statement is based.
Investor Relations Contacts:Jim Groh, Triterras
Inc.Mobile: +1 (678) 237-7101Email: IR@triterras.com
Gateway Investor RelationsCody Slach and Matt GloverOffice: +1
(949) 574-3860Email: TRIT@gatewayir.com Media
Contacts:Gregory PapajohnOffice of Corporate
CommunicationsTriterras, Inc.Mobile: +1 (917) 287-3626Email:
press@triterras.com
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