Author Bio
Evan is a senior technology specialist at The Motley Fool. He was previously a senior trading specialist at Charles Schwab, and worked briefly at Tesla. Evan graduated from the University of Texas at Austin, and is a CFA charterholder. Follow @TMFNewCow
What happened
Shares of
Triterras (NASDAQ:TRIT) have soared today, up by 14% as of 12:20 p.m. EST, after the company announced that CEO Srinivas Koneru is planning to purchase more shares in the open market. Triterras also moved a previously announced conference call to tomorrow.
So what
Triterras shares tanked last week after it disclosed that a creditor was pushing an important Triterras customer, Rhodium Resources, to restructure. Both Triterras and Rhodium were founded by Koneru, and Rhodium has been instrumental in launching Triterras Kratos service, a blockchain-based digital platform for trading commodities and securing financing. Triterras went public in November after
The great boom of special purpose acquisition companies in 2020 is creating another one in its wake: a boom in SPAC shorts.
So far this year at least six companies that went public by merging with a shell company, known as a SPAC, have been targeted by short sellers.
And short sellers, who are using SPACs as a screen to look for ideas, say more are on the way.
“We have a few SPAC ideas we’re kicking around; lots of dogshit there,” said Muddy Waters’s Carson Block, who in November came out with a short against MultiPlan. In a research report that month, Carson said MultiPlan was losing its biggest client at the same time the “juice” had been taken out of it by its private equity owners. (The private equity owner, Hellman & Friedman, said it was committed to the company and remains its biggest shareholder.)
Author Bio
Chris has covered Tech and Telecom companies for The Motley Fool since 2012. Follow him on Twitter for the latest tech stock coverage. Follow @tmfnewsie
What happened
Shares of
Triterras (NASDAQ:TRIT) were pummeled today after the company said in a regulatory filing that Rhodium Resources (which recently changed its name to Antanium Resources) received a statutory demand for payment from one of its creditors.
Rhodium and Triterras were both founded by Srinivas Koneru and both companies are each under the control of Koneru, according to the filing.
The tech stock sank by as much as 41.7% today and was down by 31.5% as of 2:42 p.m EST.
Share this article
Share this article
MILWAUKEE, Dec. 17, 2020 /PRNewswire/ Ademi LLP is investigating possible securities fraud claims against Triterras (NASDAQ: TRIT) resulting from inaccurate statements Triterras made regarding its financial statements and prospects.
Click here to learn more about the investigation: http://ademilaw.com/case/triterras-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
The investigation focuses on whether Triterras properly disclosed the extent and characteristics of its relationship with Rhodium Resources Pte. Ltd and the extent to which Triterras was vulnerable to potential conflicts and adverse business consequences from Srinivas Koneru s control of both Triterras and Rhodium. Srinivas Koneru is Triterras founder, Executive Chairman and Chief Executive Office. According to its December 17, 2020 filing with the SEC, Rhodium was instrumental to the initial launch of the Company s Kratos platform a
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Triterras Wins Singapore Founder Category of MAS Singapore FinTech Awards
Triterras Fintech Pte Ltd.December 11, 2020 GMT
SINGAPORE, Dec. 11, 2020 (GLOBE NEWSWIRE) Triterras Inc. (“Triterras” or the “Company”) (NASDAQ: TRIT, TRITW), a leading fintech company for commodity trading and trade finance, announced that its blockchain-enabled Kratos platform has won the Singapore Founder category of the FinTech Awards issued by the Monetary Authority of Singapore (MAS).
The MAS FinTech Awards recognize innovative, high quality solutions that are able to address real needs in the financial industry. This year, MAS chose the theme of “Building Resilience, Seizing Opportunities, Emerging Stronger,” as a call to the fintech industry to play a greater role in addressing the challenges posed by COVID-19 and climate change.