quoting wohoowa
wohoowa DD
Reddit DD
Basic Rundown:
Triterras is a trade finance company who’s main product is Kratos, a platform for commodities trading. The company reached an ATH of $14.35 but has since fallen, most likely due to the 2020 SPAC bubble popping. As for fundamentals, the company is profitable and has $130m in cash on hand.
The Play:
As per the original DD, on June 28th, Triterras announced an internal audit and delayed FY reporting in response to a short report alleging the company of fraud. The audit originally was scheduled to be released in September but the deadline was pushed back to November 1st. Upon a successful audit and release of delayed earnings, Triterras could see significant upside as the uncertainty of the audit and confirmed financials are released.
Once again TRIT has dumped and shorted following the release of bad news.
Breakdown of events:
- October 27th - Trit announced that the audit has been completed successfully
- November 1st - An unanticipated delay in the filing of 20-F Form due to the Audit results. The completed audit needs to be submitted alongside the 20F.
- A request for a supplemental extension to December 1st (153 days) has been received early Monday morning.
We could hear the results of the supplemental extension being granted, sometime this week.
Nasdaq hearing panels typically give a 7 day period to review requests
From Nasdaq: No later than 7 calendar days following Staff Determination source
- Trit has been granted a 133 vs the max 180-day period. Seems likely that an extension would be granted.
Catalysts:
- Supplemental extension granted
- 20F filing
- ER & Conference Call
Risks:
- 20-F Supplemental extension not granted
- Short report proven to be true or partly true
The audit could very well be completed and under “finalization” as stated from the press release:
The Company encountered an unanticipated delay in the finalization of the Audit
It is possible that the audit was very well scheduled to be completed, but delayed by Nexia (auditing firm) not by $TRIT.
We should be hearing results from the supplemental extension soon, and if granted the 20F on December 1st (153 days). Supplemental extension could be granted up to 180 days, which would be December 27th.