Why Triterras Stock Plunged 30% Today
Shares of Triterras (NASDAQ: TRIT), which provides a blockchain-enabled trade financing platform, fell a dramatic 30% on Tuesday. The big news behind the decline actually came after the close on Monday, when the company announced that it wouldn't be able to meet a Nov. 1 exchange deadline for filing its annual report for the year ended February 2021.
There is a lot going on with Triterras. Early in 2021, the company was confronted with a short-seller report that highlighted potential problems at the company. The list of issues included potential conflicts of interest and the possible inflation of user metrics. Triterras defended itself vigorously. That said, the board set about examining the issues, as is appropriate. On Oct. 28, just a few days ago, the audit committee announced that it found nothing wrong. The stock rallied massively on that news, likely assuming that the issue had been put to rest.
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Source Fool.com
