Why Triterras Stock Rose a Huge 58% in Early Trading Today
Shares of Triterras (NASDAQ: TRIT) took off like a rocket on Thursday, rising by just shy of 58% in the first hours of trading. That massive gain didn't entirely stick, but as of around noon EDT, the stock was still up by a massive 36%. And it all relates back to things that happened in January.
Some background is important here. Triterras came public via a merger with a blank check company in late 2020. It uses blockchain technology to provide trade finance services, putting it in a hot technology-related space as it looks to offer a potentially disruptive service.
The story here looks pretty interesting, perhaps even compelling. However, in January, a short-seller put out a report that highlighted material concerns about Triterras. Among many other things, it cited potentially questionable "related party" transactions, as well as data that indicated the service might not have been attracting as many users as the company had been reporting.
Source Fool.com
