Triterras Fintech, a leading fintech company for commodity trading
and trade finance, today announced financial results for the six
months ended August 31, 2020.
Financial Highlights for
the First Six Months of Fiscal
2020
- Revenue was $23.7 million
- Net income was $14.2 million
- EBITDA was $17.3 million
Management Commentary“Our
strong first half performance positions us well to meet or exceed
our projections for fiscal 2020,” said Triterras Fintech Founder
and Chairman Srinivas Koneru. “Our traction in the marketplace is
building each month given Kratos™ marketplace’s first-mover
advantage in a physical trade and trade finance industry ripe for
disruption. The result is not just more users, but in some cases
users’ counterparties joining our platform, which is driving
significant growth. We expect these results to continue and look
forward to our business combination with Netfin closing in the
fourth quarter of 2020.”
Triterras Fintech had previously announced that, during the
first six months of 2020 (ending August 31st), the Kratos platform
had generated approximately $5 billion of total trade and trade
finance volume. For the two months of July and August 2020, the
company also disclosed that the total trade and trade finance
transaction volume was $2.1 billion, representing an average of
over $1 billion per month, a key milestone in its growth
trajectory.
As previously announced, Triterras Fintech and Netfin
Acquisition Corp. (Nasdaq: NFIN, NFINW) have entered into a
definitive agreement pursuant to which Triterras Fintech will
become a Nasdaq-listed public company under the ticker symbol
“TRIT.” The transaction, which is expected to close in Q4 2020,
would provide Triterras Fintech the strategic capital to further
accelerate its growth.
About Triterras
FintechTriterras Fintech is a leading
fintech company focused on trade and trade finance. It launched and
operates Kratos™—one of the world’s largest commodity trading and
trade finance platforms that connects and enables commodity traders
to trade and source capital from lenders directly online. For
more information, please visit triterras.com or email us at
contact@triterras.com.
About Netfin Acquisition
Corp.Netfin Acquisition Corp. is a blank check
company incorporated for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses, focused
on the financial technology, technology and financial services
industries, including businesses engaged in commercial, online and
mobile banking and payments, trade finance and telecommunications,
that offer a differentiated technology platform and product suite
for interfacing with the financial services sector. For more
information, visit netfinspac.com.
Forward-Looking
StatementsThis press release includes
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Netfin’s and Triterras Fintech’s actual results may differ
from their expectations, estimates and projections and
consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, Netfin’s
and Triterras Fintech’s expectations with respect to future
performance and anticipated financial impacts of the business
combination, the satisfaction of the closing conditions to the
business combination and the timing of the completion of the
business combination. These forward-looking statements involve
significant risks and uncertainties that could cause the actual
results to differ materially from the expected results. Most of
these factors are outside Netfin’s control and are difficult to
predict. Factors that may cause such differences include, but are
not limited to: (1) the outcome of any legal proceedings that may
be instituted against Netfin or Triterras Fintech following the
announcement of the business combination; (2) the inability to
complete the business combination, including due to failure to
obtain approval of Netfin’s shareholders or other conditions to
closing in the definitive agreement relating to the business
combination (the “Business Combination Agreement”); (3) the
occurrence of any event, change or other circumstance that could
give rise to the termination of the Business Combination Agreement
or could otherwise cause the transactions contemplated therein to
fail to close; (4) the inability to meet Nasdaq’s listing
requirements following the business combination; (5) the impact of
COVID-19 on Netfin or Triterras Fintech; (6) the risk that the
business combination disrupts current plans and operations as a
result of the announcement and consummation of the business
combination; (7) the ability to recognize the anticipated benefits
of the business combination, which may be affected by, among other
things, competition and the ability of the combined company to grow
and manage growth profitably and retain its key employees; (8)
costs related to the business combination; (9) changes in
applicable laws or regulations; (10) the possibility that Netfin,
Triterras Fintech or the combined company may be adversely affected
by other economic, business, and/or competitive factors; and (11)
other risks and uncertainties indicated from time to time in the
proxy statement/prospectus relating to the business combination,
including those under “Risk Factors” in the Registration Statement
(as defined below), and in Netfin’s other filings with the SEC.
Netfin cautions that the foregoing list of factors is not
exclusive. Netfin cautions readers not to place undue reliance upon
any forward-looking statements, which speak only as of the date
made. Netfin does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
Important Information about the
Business Combination and Where to Find It In
connection with the proposed business combination, Netfin Holdco, a
Cayman Islands exempted company (“Holdco”), has filed with the SEC
a registration statement on Form F-4 (the “Registration Statement”)
which includes a proxy statement/prospectus and certain other
related documents, which will be both the proxy statement to be
distributed to Netfin’s shareholders in connection with Netfin’s
solicitation of proxies for the vote by Netfin’s shareholders with
respect to the business combination and other matters as may be
described in the Registration Statement, as well as the prospectus
relating to the offer and sale of the securities of Triterras
Fintech to be issued in the business
combination. Netfin’s shareholders and other
interested persons are advised to read the preliminary proxy
statement/prospectus included in the Registration Statement and the
amendments thereto and the definitive proxy statement/prospectus,
as these materials contain important information about the parties
to the Business Combination Agreement, Netfin and the business
combination. After the Registration Statement is
declared effective, the definitive proxy statement/prospectus will
be mailed to Netfin’s shareholders as of a record date to be
established for voting on the business combination and other
matters as described in the Registration Statement. Shareholders
will also be able to obtain copies of the proxy
statement/prospectus and other documents filed with the SEC that
will be incorporated by reference in the proxy
statement/prospectus, without charge, once available, at the SEC’s
web site at www.sec.gov, or by directing a request to: Netfin
Acquisition Corp., 445 Park Avenue, 9th Floor, New York, NY 10022,
Attention: Gerry Pascale, Chief Financial Officer, (972)
979-5995.
No Offer or
SolicitationThis press release shall not
constitute a solicitation of a proxy, consent or authorization with
respect to any securities or in respect of the business
combination. This press release shall also not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any states or
jurisdictions in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of section 10 of the Securities Act.
Participants in the
Solicitation Netfin and its directors and
executive officers may be deemed participants in the solicitation
of proxies from Netfin’s shareholders with respect to the business
combination. A list of the names of those directors and executive
officers and a description of their interests in Netfin is
contained in Netfin’s Registration Statement on Form S-1, which was
filed with the SEC on July 19, 2019, and is available free of
charge at the SEC’s web site at www.sec.gov, or by directing a
request to Netfin Acquisition Corp., 445 Park Avenue, 9th Floor,
New York, NY 10022, Attention: Gerry Pascale, Chief Financial
Officer, (972) 979-5995. Additional information regarding the
interests of such participants will be contained in the
Registration Statement when available.
Use of Non-IFRS Financial
Matters.This press release includes non-IFRS
financial measures, including EBITDA. Triterras Fintech believes
that these non-IFRS measures are useful to investors for two
principal reasons. First, Triterras Fintech believes these measures
may assist investors in comparing performance over various
reporting periods on a consistent basis by removing from operating
results the impact of items that do not reflect core operating
performance. Second, these measures are used by Triterras Fintech’s
management to assess its performance and may (subject to the
limitations described below) enable investors to compare the
performance of Triterras Fintech and the combined company to its
competition. Triterras Fintech believes that the use of these
non-IFRS financial measures provides an additional tool for
investors to use in evaluating ongoing operating results and
trends. These non-IFRS measures should not be considered in
isolation from, or as an alternative to, financial measures
determined in accordance with IFRS. Other companies may calculate
EBITDA and other non-IFRS financial measures differently, and
therefore Triterras Fintech’s non-IFRS financial measures may not
be directly comparable to similarly titled measures of other
companies. For reconciliation of the non-IFRS measures used in this
presentation, see the table below.
EBITDA Reconciliation |
|
|
($ in millions) |
Six Months
Ending August 2020 |
|
|
Profit/(loss) for the
year/period |
$14.2 |
Depreciation/amortization |
|
0.0 |
Net finance costs |
|
0.1 |
Income tax expense |
|
3.0 |
EBITDA |
$17.3 |
Triterras Fintech
Contact:Jim Groh(678) 237-7101
Netfin Investor Relations
Contact:Gateway Investor RelationsCody Slach and
Matt Glover(949) 574-3860NFIN@gatewayir.com
Netfin Company
Contact:Marat Rosenberg, Founder &
President(972) 757-5998
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