Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 93

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 8
Chunk 93
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issued representative warrants to Spartan to purchase up to an aggregate of 5,000 shares of common stock; such warrants have a five-year
term with an exercise price of $66.00 and can be exercised any time after the IPO date.

On
October 4, 2023 and December 29, 2023, the Company entered into additional placement agent agreements with Spartan, whereby Spartan would
serve as the exclusive placement agent in connection with the closing of private placements. The agreements provided the agent with i)
a cash fee 7.5% of the aggregate proceeds raised in the sale and ii) warrants to purchase a number of common shares equal to 5% of the
number of common shares initially issuable upon conversion of each note tranche; warrants to purchase 4,167 and 2,750 common shares with
exercise prices of $26.40 and $11.00 for the first and second tranches, respectively, were issued to Spartan as of January 31, 2024.
Such warrants may be exercised beginning 6 months after issuance until four- and one-half years thereafter.

Notice
of Delisting or Failure to Satisfy a Continued Listing Rule or Standard from the NYSE American

On
November 5, 2024, the Company received notice from NYSE American that NYSE American had halted trading in the shares of the Common Stock
until the effectiveness of the reverse stock split the Company intended to effect because its 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. NYSE American informed the Company
that it would attempt to reopen trading in the Common Stock on November 15, 2024, which is when the common stock is expected to begin
trading on a post-split basis, provided that NYSE American no longer deems the selling price of the Common Stock to be too low.

    17

NOTE
9 – NOTES PAYABLE

Notes
payable as of January 31, 2025 and October 31, 2024 consisted of the following:

 SCHEDULE OF NOTES PAYABLE

    As of  
    As of 

    January
    31, 2025  
    October
    31, 2024 
  
    Promissory notes, net of discounts 
     312,784  
     742,852 
  
    Note Payable, related
    party