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Netfin Acquisition Corp. (Nasdaq: NFIN, NFINW) and Triterras Fintech Pte. Ltd. have successfully completed their business combination, with trading of Triterras’ shares set to begin on November 11, 2020, under the ticker symbols TRIT and TRITW.
The extraordinary general meeting held today resulted in the approval of this significant merger, aiming to enhance Triterras' capabilities in trade finance through its innovative platform, Kratos™.
Netfin Acquisition Corp. (Nasdaq: NFIN, NFINW) announces that less than 3% of its public shares opted for redemption in the upcoming business combination with Triterras Fintech Pte. Ltd. Consequently, about $250 million will stay in Netfin's trust account for release upon the deal's closing. Shareholders are urged to vote in favor of the business combination at the Extraordinary General Meeting set for 9:00 AM ET on November 10, 2020. The transaction expects to close soon after, leading to the renaming of the company to Triterras, Inc., trading under the symbol "TRIT."
Netfin Acquisition Corp. has scheduled an Extraordinary General Meeting for November 10, 2020, to approve its business combination with Triterras Fintech Pte. Ltd.. The registration statement on Form F-4 for the transaction is set to be effective today at 4 p.m. ET. Shareholders of record as of October 12, 2020 will receive the proxy statement by October 30, 2020. The meeting will be hybrid due to COVID-19, allowing online participation. Shareholders must exercise redemption rights by 5 p.m. ET on November 6, 2020. Closing is contingent on shareholder approval and other customary conditions.
Triterras Fintech reported approximately $5 billion in trade and trade finance volume through its Kratos™ marketplace for the first six months ending August 31, 2020, marking an increase of $2.1 billion from the prior four months. The company is confident in meeting or exceeding fiscal year projections for 2020 and 2021 due to strong operational momentum. A business combination with Netfin Acquisition Corp. (NFIN) is set to close in late October 2020, pending regulatory approvals, to list shares under the symbols TRIT and TRITW.
Netfin Acquisition Corp. (NASDAQ:NFIN, NFINW) and Triterras Fintech will present at the 9th Annual Gateway Conference on September 9, 2020. The virtual event aims to connect compelling companies with institutional investors. Netfin focuses on fintech mergers while Triterras operates a significant digital marketplace for commodity trading. The presentation is set for 12:30 p.m. Pacific Time, with management available for one-on-one meetings. This engagement could enhance visibility for both companies, especially in the fintech sector.
Netfin Acquisition Corp. (Nasdaq: NFIN, NFINW) announced a business combination with Triterras Fintech Pte Ltd., a leader in fintech for commodity trading. The merger aims to strengthen their trading platform, Kratos, which is a major player in the digital marketplace. Triterras generated $13.2 million in net income from $3.6 billion in transaction volume in FY 2019 and expects approximately $7.8 billion in transaction volume for FY 2020. The deal has received unanimous board approval and is set to close in Q4 2020, pending regulatory and shareholder approvals.
Netfin Acquisition Corp. (NFIN) has entered a definitive agreement to merge with Triterras Fintech, creating a pure-play fintech company focused on commodity trading. The transaction values the combined entity at approximately $674 million, with Triterras projected to achieve $56.6 million in revenue and $39.8 million in EBITDA for fiscal year 2020. Shareholders of Triterras will roll 90% of their equity into the combined company. This strategic move aims to leverage Triterras's Kratos platform to address the $1.5 trillion trade finance shortfall, enhancing efficiency and security in commodity trading.
Triterras has announced that its Kratos™ marketplace has exceeded $6.6 billion in total trade and trade finance transaction volume since its launch in June 2019. The platform has recorded over $3.7 billion in transactions for the fiscal year ending February 29, 2020, with average monthly volumes of $420 million. Notably, in the first four months of fiscal 2020, the transaction volume surged to an additional $2.9 billion, reflecting a 70% increase compared to the previous year. Additionally, Triterras has received a non-binding letter of intent to merge with Netfin Acquisition Corp. (NASDAQ: NFIN).
Netfin Acquisition Corp. (NASDAQ: NFIN) has announced a non-binding letter of intent for a business combination with Triterras Fintech Pte. Ltd., a leading fintech in commodity trading and finance. This potential merger is expected to enhance Triterras' market position, with 2019 figures showing over $4.1 billion in transaction volume and $87 million in EBITDA. The pre-money equity valuation for Triterras is about $670 million. The deal aims for closing in Q3 2020, pending necessary approvals.
