Triterras, Inc.

Triterras, Inc. (NASDAQ: TRIT) is a fintech company. It offers commodity trading and trade finance platforms that link and enable commodity traders to trade and source capital directly from lenders online.

On 10 November 2020, a blank check company, Netfin Acquisition Corp. completed the business combination with Triterras Fintech Pte. Ltd., and began trading from 11 November 2020 as a combined entity- Triterras, Inc., under the ticker symbols "TRIT". Therefore, the earlier given recommendation on the delisted entity- Netfin Acquisition Corp. was closed at the closing price on the last trading day i.e., 10 November 2020 at US$11.4.

Key Highlights

• On July 22, 2021, TRIT announced a collaboration with essDOCS to speed up the use of digital trade documents for its commodity traders.
• On July 06, 2021, the Listing Qualifications Department sent a notice to TRIT for non-compliance with NASDAQ Listing Rule 5250 (c)(1) for not filing its Form 20-F for FY21 (ended February 28, 2021). On August 02, 2021, TRIT submitted a proposal to reclaim compliance with the Listing Rules on July 31, 2021.
• In its latest available financial update (as of December 22, 2020), TRIT reiterated its financial guidance for FY21, with an estimated revenue of USD 56.6 million and net income of USD 32.9 million.
• Stock is currently trading below its crucial long-term as well as short-term support levels of 50-day and 200-day SMA levels, a bearish indicator.
• Stock is currently leaning towards the lower band of the 52-week range of USD 4.68 to USD 15.45.
• TRIT’s share price has decreased 27.58% and 49.90% in the past six and nine months, respectively.

Technical Price Chart (as of August 04, 2021). Analysis by Kalkine

Conclusion: In the current scenario of irregular fillings, the sharp decline in stock price, non-compliance with listing norms, and unfavorable technical indications, we recommend an “Avoid” rating on the stock at the closing price of USD 5.12, up 1.20% as of August 04, 2021. 

*The reference data in this report has been partly sourced from REFINITIV.

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