Trio Petroleum Corp Announces Reverse Stock Split

On November 4, 2024, Trio Petroleum Corp (NYSE American: “TPET”) based in Bakersfield, California, disclosed its plans for a reverse stock split. This decision comes after the approval from its board of directors for a 1-for-20 reverse stock split of its common stock. The approved ratio aligns with what was endorsed by the stockholders during a special meeting on August 15, 2024.

The Reverse Stock Split is anticipated to take effect at 5 p.m. Eastern Daylight Time on November 14, 2024, and trading of the company’s common stock is scheduled to commence on a post-split basis when the market opens on November 15, 2024, under its existing symbol “TPET,” utilizing the new CUSIP number 89669L207.

Upon implementation, each 20 shares of Trio Petroleum Corp’s common stock that are currently issued and outstanding will be consolidated automatically into 1 share of common stock. This consolidation will be applicable uniformly across all outstanding shares, ensuring each stockholder retains the equivalent percentage of common stock post the Reverse Stock Split, barring adjustments for potential fractional shares. Fractional shares will be rounded up to the nearest whole share, and adjustments will be made proportionately to equity plans. All existing equity awards will be adjusted correspondingly.

VStock Transfer, LLC has been appointed as the exchange agent and transfer agent for the Reverse Stock Split. Shareholders holding their shares in electronic book-entry form need not take any specific actions to receive post-split shares. Notably, the company presently does not have any outstanding certificated shares. Shareholders possessing shares through a bank, broker, or other nominee will witness adjustments in their positions to reflect the Reverse Stock Split.

Further details regarding the Reverse Stock Split can be found in the Company’s definitive proxy statement (Form DEF 14A) filed with the U.S. Securities and Exchange Commission on July 1, 2024, and the Form 8-K filing with the SEC on November 4, 2024.

About Trio Petroleum Corp:
Trio Petroleum Corp is headquartered in Bakersfield, California, and operates in Monterey County, California, and Uintah County, Utah. The company has interests in various oil and gas fields in these regions.

Cautionary Statement Regarding Forward-Looking Statements:
All statements made that are not rooted in historical facts within the press release of Trio Petroleum Corp and its representatives are considered “forward-looking statements” under relevant laws. Such statements are subject to risks and uncertainties that may lead to actual results differing materially from these forward-looking statements. Trio Petroleum Corp does not intend to update these statements post the date of the press release, except as mandated by law. For further information, please contact Redwood Empire Financial Communications at (404) 809 4172 or email [email protected].

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.

About Trio Petroleum

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.