Trio Petroleum Corp. Intends to Implement Reverse Stock Split Pending NYSE American Approval

On November 5, 2024, Trio Petroleum Corp. (NYSEMKT:TPET) received notification from NYSE American regarding the temporary suspension of trading in its common stock. This suspension follows the company’s intention to execute a reverse stock split, as previously detailed in an 8-K filing submitted to the Securities and Exchange Commission on November 4, 2024.

According to the filing, Trio Petroleum Corp. plans to file a Certificate of Amendment with the Secretary of State of Delaware on November 14, 2024, to enact a reverse stock split at a ratio of one-for-twenty (1:20). As part of this reverse stock split, every twenty shares of the company’s common stock will merge into one share, effective as of 4:30 p.m., Eastern Time, on November 14, 2024.

The decision to implement the reverse stock split was ratified by the company’s stockholders during the annual meeting held on August 15, 2024, and subsequently sanctioned by the board of directors on October 23, 2024. However, NYSE American intervened, temporarily halting trading due to the common stock continually trading at a low price per share, contravening Section 1003(f)(v) of the NYSE American Company Guide.

NYSE American informed Trio Petroleum Corp. that it plans to resume trading of the common stock on November 15, 2024, coinciding with the anticipated commencement of trading on a split-adjusted basis. This restart is contingent upon NYSE American no longer deeming the selling price of the common stock to be inadequate.

The company’s Chief Executive Officer, Robin Ross, confirmed the content of the report and signed off on behalf of Trio Petroleum Corp. on November 6, 2024. The reverse stock split is a strategic move intended to optimize the value proposition for the company’s shareholders.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Trio Petroleum’s 8K filing here.

Trio Petroleum Company Profile

We are an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California. The Company was incorporated on July 19, 2021, under the laws of Delaware to acquire, fund and develop oil exploration and production assets in California.