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Triterras Files Plan with Nasdaq Related to Delayed Annual Report

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SINGAPORE, Aug. 02, 2021 (GLOBE NEWSWIRE) -- Triterras Inc. (Nasdaq: TRIT, TRITW) (“Triterras” or the “Company”), a leading fintech company focused on trade and trade finance, today announced that on July 31, 2021 it submitted to the Nasdaq Stock Market LLC (“Nasdaq”) a plan to regain compliance with the Nasdaq Listing Rules.

As previously disclosed, Triterras received a notice (the “Notice”) from the Listing Qualifications Department of Nasdaq on July 1, 2021 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. Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required public financial reports with the SEC.

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, the Company’s new independent registered public accounting firm, to complete the audit of the Company’s consolidated financial statements.

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.

Triterras is working with its auditors and is expected to complete its audit by the end of September 2021 and to file its Form 20-F Annual Report soon after that.

About Triterras
Triterras 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 Statements
This 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 , completion of the audited financial statements by its auditors and timing of filing with the SEC of the Form 20-F Annual Report. 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 related to the completion of the audit and preparation of the Form 20-F Annual Report as well as 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. Triterras cautions that the foregoing list of factors is not exclusive. 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) 237-7101
Email: IR@triterras.com

Gateway Investor Relations
Cody Slach and Matt Glover
Office: +1 (949) 574-3860
Email: TRIT@gatewayir.com

Media Contacts:
Gregory Papajohn, Office of Corporate Communications, Triterras, Inc.
Mobile: +1 (917) 287-3626
Email: press@triterras.com