Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
On Thursday, December 17, 2020, Triterras, Inc.disclosed in an SEC filing that closely related company Rhodium Resources (recently renamed to Antanium Resources) received a statutory demand for payment from one of its creditors. Triterras previously relied on Rhodium for “substantially all” user referrals when initially launching its Kratos fintech platform and both Triterras and Rhodium are founded and controlled by the same person, Srinivas Koneru.
On the news of Triterras’s disclosure about Rhodium, Triterras’s stocks plummeted 31% on December 17, 2020, causing significant harm to investors.
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Triterras stock plunges 31% after disclosing trouble with related co. Rhodium
On Thursday, December 17, 2020, Triterras, Inc. disclosed in an SEC filing that former sister company Rhodium Resources Pte. Ltd. (recently renamed to Antanium Resources Pte. Ltd.) received a statutory demand for payment by one of its creditors on December 1, 2020. Per Singaporean law, Rhodium must respond to the demand within 21 days or else risk the creditor filing a bankruptcy application against it.
Triterras previously relied on Rhodium for “substantially all” user referrals when initially launching its Kratos fintech platform in June of 2019, and Rhodium accounted for 26.5% of Triterras’s revenue for its fiscal year ending in February 29, 2020. However, Triterras claims the percentage of its revenues from Rhodium has dwindled to “less than 10%” for the period since August 31, 2020.
Triterras and Rhodium were formerly sister companies until Netfin Acquisition Corp. decided to merge with only Triterras on July 29, 2020. Still, both Triterras and Rhodium continue to be “under the control” of founder and CEO Srinivas Koneru, according to Triterras’s December 17 SEC filing.
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