Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 879

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 3
Chunk 879
---
From
time to time, we are involved in various disputes, claims, suits, investigations, and legal proceedings arising in the ordinary course
of business. There are currently no pending legal proceedings or claims that we believe will have a material adverse effect on our business,
financial condition or operating results. None of our directors, officers or affiliates is involved in a proceeding adverse to our business
or has a material interest adverse to our business.

ITEM
4. MINE SAFETY DISCLOSURES

None.

ITEM
5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASERS OF EQUITY SECURITIES

Market
information

Our
common stock trades on the NYSE American LLC Market under the symbol “TPET” since April 17, 2023. Prior to that date, there
was no public market for our common stock.

Holders
of Record

As
of January 15, 2025, we had 30 holders of record of our common stock. The actual number of holders of our common stock is greater than
this number of record holders and includes stockholders who are beneficial owners, but whose shares are held in street name by brokers
or held by other nominees. This number of holders of record also does not include stockholders whose shares may be held in trust by other
entities.

Dividends

We
have never paid any cash dividends on our common stock. We currently intend to retain all available funds and any future earnings for
use in the operation of our business and do not anticipate paying any cash dividends on our common stock in the foreseeable future. Any
future determination to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition,
operating results, capital requirements, general business conditions and other factors that our board of directors may deem relevant.

31

Securities
Authorized for Issuance Under Equity Incentive Plans

We
have adopted and approved the 2022 Equity Incentive Plan (the “2022 Plan”). Under the 2022 Plan, we may grant cash and equity
incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we compete. Pursuant to
the 2022 Plan, we have reserved 500,000 shares of the shares of common stock for issuance thereunder. The following table sets forth
certain information about the securities authorized for issuance under our incentive plans