Company: TPET
Filing Date: 2025-06-18
Form Type: DEF 14A
Source: 0001641172-25-015530
Chunk: 13

Company: Trio Petroleum Corp.
Filing Date: 2025-06-18
Form: DEF 14A
Chunk 13
---
 experience cost savings by reducing fees to the State of Delaware based on the number of currently authorized shares of common stock, since Delaware computes annual franchise taxes payable by the Company based on the number of authorized shares of capital stock. Using Delaware’s alternative calculation of franchise tax, which is the assumed par value method, and which is also effected by the number of authorized shares of stock, it is estimated that if the Company continues to have 500,000,000 authorized shares of common stock, its Delaware franchise tax for the fiscal year ending October 31, 2025, would be $159,200. If, on the other hand, the number of authorized shares of common stock is reduced to 150,000,000 shares, it is estimated that its Delaware franchise tax for the fiscal year ending October 31, 2025, would be $50,000. This tax savings of an estimated $109,000 could be allocated to the Company’s operations instead of the payment of franchise taxes, which is in the best interest of the Company and its stockholders.

For these reasons we are seeking stockholder approval to authorize our Board of Directors to amend Article THIRD of our Certificate of Incorporation in order to reduce the number of authorized shares of our common stock from 500,000,000 shares of common stock to 150,000,000 shares of common stock.

| 8 |

General

If approved by our stockholders, the authorized shares of common stock would be available for issuance for any proper corporate purpose as determined by our Board of Directors without further approval by the stockholders, except as required by law, the Listing Rules of the NYSE American or the rules of any other national securities exchange on which our shares of common stock are listed.

There will be no change in the rights attributable to our authorized shares of common stock. The proposed amendment will not affect the par value of our common stock, which will remain at $0.0001 per share. Under our Certificate of Incorporation, our stockholders do not have preemptive rights to subscribe to additional securities that we may issue; in other words, current holders of our common stock do not have a prior right to purchase any new issue of our capital stock to maintain their proportionate ownership of common stock. If we issue additional shares of common stock or other securities convertible into common stock in the future, it will dilute the voting rights of existing holders of common stock and will also dilute earnings per share and book value per share.

If this Proposal No. 2 is approved