Shares of Triterras (NASDAQ: TRIT) , which provides a block-chain-enabled trade financing platform, fell sharply at the open on Thursday, losing as much as 25% of their value. At roughly 11:30 a.m. ET, the stock was still off by around 20%.
The big news came out after the close yesterday when the company provided an update on its long-delayed annual report (Form 20-F) dated Feb. 28, 2021. Investors seem to be getting tired of this ongoing drama.
To sum up the update, Triterras will not meet a Nasdaq deadline for providing its annual report to the Securities and Exchange Commission (SEC). That means the company is not in compliance with listing requirements. Management is working on the report and has notified Nasdaq of the issue, explaining that it will provide further updates as it knows more.
For further details see:
Why Triterras Stock Lost as Much as 25% of Its Value in Early Trading Today