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Triterras (NASDAQ:TRIT) stock is on the move today as investors celebrate the results of an audit committee report.

A press release from Triterras reveals details from its Audit Committee of the Board of Directors' investigation. According to the company, the report shows that claims made in a short report earlier this year are without basis.

Triterras says the following about the short report in its news release.

"After expending considerable resources, time and energy conducting its investigation and analyzing the work carried out by external advisers, the Audit Committee has concluded that the allegations contained in the short report lack either factual support or material basis. Accordingly, the Audit Committee has concluded that those allegations do not require additional action by the Company."

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The short report against Triterras came from Phase 2 Partners. In it, the firm brought up concerns about alleged transactions connected to company executives. It also claimed a long-term business relationship between the company's founder and the CEO of Netfin Acquisition, the special purpose acquisition company (SPAC) that it merged with to go public.

Following today's news, TRIT stock is seeing heavy trading. As a result, some 52 million shares of the stock have changed hands. That's a massive increase over the company's daily average trading volume of around 257,000 shares.

TRIT stock was up 32.8% as of Thursday afternoon.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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