Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 72

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 72
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 Warrants |

The number of shares of our common stock
outstanding after this offering reflected in the tables and the number of shares of our common stock to be outstanding on a pro forma
and pro forma, as adjusted basis, is based on 6,956,694 shares of our common stock outstanding as of February 24, 2025;
and excludes:

| ● | up                                                                                                                                
 to 171,994 shares of common stock issuable upon the exercise of outstanding warrants at a weighted exercise price of $13.52       
 per share.                                                                                                                        |
| ● | up                                                                                                                                
 to 6,000 shares of common stock issuable upon the exercise of outstanding options awarded under our 2022 Equity Incentive Plan at 
 a weighted exercise price of $10.46 per share.                                                                                    |
| ● | up                                                                                                                                
 to 178,125 shares of common stock issuable upon the vesting of restricted stock units.                                            |
| ● | the                                                                                                                               
 issuance of 50,000 shares of restricted stock granted as awards under our 2022 Equity                                             
 Incentive Plan that have not yet been issued; and                                                                                 |
| ● | 112,750                                                                                                                           
 shares of common stock available for future                                                                                       
 grants of awards under our 2022 Equity Incentive Plan.                                                                            |

| 39 |

<div align='center'>MARKET FOR OUR COMMON STOCK</div>

Market Information

Our common stock is listed on the NYSE American under the symbol “TPET.” A description of our common stock is set forth under the heading “Description of Our Securities” beginning on page 86 of this prospectus.

The last reported sale price for our common stock on February 24, 2025 was $1.36 per share.

Holders

As of February 24, 2025, we had 30 record holders of our common stock and no preferred stock issued and outstanding. The number of record holders was determined from the records of our transfer agent and does not include beneficial owners of common stock whose shares are held in the names of various security brokers, dealers, and registered clearing agencies.

<div align='center'>DIVIDEND POLICY</div>

We have never declared or paid any cash dividends on our capital stock. We intend to retain future earnings, if any, to finance the operation and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after