What happened
Shares of Triterras (TRIT) popped by as much as 19% today after the company provided investors with business updates. As of 11 a.m. EDT, the stock had given back some of those gains but was still up 8%.
So what
Triterras said that it had completed the $50 million share repurchase program that was announced back in January. The company bought back nearly 6.7 million shares at an average price of $7.47 per share and Triterras had $130 million in cash as of May 1 with no long-term debt. Triterras also said that it is working to retain an independent auditor to assist in releasing its fiscal 2020 earnings.
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The fintech company, which operates a blockchain-based trading platform called Kratos, announced earlier this week that it is acquiring Invoice Bazaar, a provider of supply chain finance services. Triterras shared additional details about the deal. Invoice Bazaar will need to generate $10 million in revenue over the next two years for the sellers to receive $4 million in earn out compensation.
Now what
Triterras also said that it has a "pipeline of acquisition candidates" that it continues to analyze as part of its broader acquisition strategy. The company noted that it has a strong cash position and over 6.6 million treasury shares that it can use for transactions to increase shareholder value.
Triterras also said that it had hired two more executives in its business development division. Etienne Huyghues is joining as VP of funds origination and structuring and Raymond Siem will join Triterras' business development team in Asia.
