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Triterras Inc. (NASDAQGM:TRIT, TRITW))) (“Triterras” or the “Company”), a leading fintech company focused on trade and trade finance, is providing an update on its December 16, 2021 appeal to the Nasdaq Hearing Panel (the “Panel”) of the December 10, 2021 delisting determination made by the staff of the Nasdaq Stock Market (the “Staff”) for the Company’s failure to file its annual report on Form 20-F for the fiscal year ended February 28, 2021. On February 1, 2022, Triterras received notice from the Staff that the Panel has denied the Company’s appeal of the Staff’s decision to delist the securities of the Company and suspend trading in the securities of Triterras. With the Panel’s decision having been rendered, trading in the Company’s securities on the Nasdaq Stock Market will be suspended effective with the open of business on February 3, 2022.
Triterras intends to appeal the Panel’s decision to the Nasdaq Listing and Hearing Review Council (the “Listing Council”) within the applicable 15-day appeal period. The initiation of an appeal by the Company to the Listing Council will not stay the suspension of trading unless the Listing Council on its own initiative decides to stay the suspension.
The Panel’s decision to delist the Company’s common stock and warrants was based on the Company’s noncompliance with Nasdaq’s filing requirements set forth in Nasdaq Listing Rule 5250(c)(1) because the Company has not yet filed its annual report on Form 20-F for the fiscal year ended February 28, 2021.
The Company is currently reviewing alternatives for continued trading of its securities in the United States. However, there can be no assurance that a market for the Company’s securities will develop.
The Company is continuing to work with its independent auditor to complete the audit of its consolidated financial statements. Triterras is committed to providing updates on any material developments as they occur.
Posted In: TRIT
