Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 300

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 300
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 result of the general uncertainties in the capital markets
and any specific impact on our Company as a result of the recent volatility in the capital markets.

On
February 26, 2024, we received written notice (the “Notice”) from the NYSE American LLC (“NYSE American”) indicating
that we were not in compliance with the continued listing standard set forth in Section 1003(f)(v) of the NYSE American Company Guide
(“Section 1003(f)(v)”) because the shares of our common stock had been selling for a substantial period of time at a low
price per share. The Notice had no immediate effect on the listing or trading of our shares of common stock and our common stock continued
to trade on the NYSE American under the symbol “TPET” with the designation of “.BC” to indicate that the Company
was not in compliance with the NYSE American’s continued listing standards. Additionally, the Notice did not result in the immediate
delisting of our common stock from the NYSE American.

On
May 1, 2024, we received notice from the NYSE American (the “Stock Price Compliance Notice”) informing us that we had resolved
the continued listing deficiency with respect to the low price of our common stock and regained compliance with the continued listing
requirements, because the 30-day average price of our common Stock was $0.25 ($5.00 on a post-reverse split basis) as of April 30, 2024.
The Stock Price Compliance Notice also provided that the NYSE American could still commence delisting proceedings and immediately suspend
trading of our common stock if it trades at levels viewed to be abnormally low, which is generally viewed as a price at or below $0.10.

On
November 5, 2024, the Company received notice from NYSE American that the NYSE American had suspended trading of our shares of common
stock, until the effectiveness of the Reverse Stock Split, because our common stock was consistently selling at a low selling price per
share in violation of Section 1003(f)(v) of the NYSE American Company Guide. Upon effecting the Reverse Stock Split, our common stock
began trading again on the NYSE American on November 15, 2024. If, in the future, the price of our common stock falls out of compliance,
again, with the continued listing requirements of the NYSE American, this could result in a de-listing of our common stock