Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1791

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 8
Chunk 1791
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 the Placement Agent upon successful completion of the Company’s initial
public offering (“IPO”), a cash fee of 7.5%, warrants to purchase a number of common shares equal to 5% of the aggregate
number of common shares placed in the IPO and reimbursement of other expenses. On April 20, 2023, pursuant to this agreement, the Company
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.

Compliance
with NYSE American

On
February 26, 2024, the Company received written notice from the NYSE American LLC (“NYSE American”) indicating that the Company
is 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 the Company’s common stock, par value $0.0001 per share (the “Common Stock”)
have been selling for a substantial period of time at a low price per share. The Notice has no immediate effect on the listing or trading
of the Company’s Common Stock and the Common Stock will continue to trade on the NYSE American under the symbol “TPET”
with the designation of “. BC” to indicate that the Company is not in compliance with the NYSE American’s continued
listing standards. Additionally, the Notice does not result in the immediate delisting of the Company’s Common Stock from the NYSE
American.

Purs