Last month, the startup was told by the listing qualifications department of Nasdaq that because Triterras failed to file its annual report on time, the company violated Nasdaq listing rule 5250(c)(1), according to a Triterras.
Triterras, which focuses on trade finance, was supposed to file its annual report on Form 20-F for the fiscal year that ended on February 28. The Singapore startup said that, on July 31, it had submitted a plan in compliance with the rules.
The company said it could not file its 2021 annual report by the due date because it needed time to find the appropriate accounting firm. Nexia TS Public Accounting Corporation is the company’s new accounting firm and will complete the audit of financial statements for Triterras.
If the company’s plan is accepted by Nasdaq, Nasdaq has the option of giving the firm no more than180 days from the annual report’s due date, or until December 27. If the plan submitted by Triterras is not accepted by Nasdaq, the Triterras can appeal the decision.
In an interview with PYMNTS, Triterras Chief Operating Officer John Galani said that trade finance has evolved and is a work in progress.