Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 167

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 167
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 31, 2025, Company did not grant any RSUs; the stock-based compensation expense related to previously granted RSUs
was $96,762, which was recognized in the condensed consolidated statements of operations.

On July 30, 2025, at the Company’s annual meeting
of stockholders, the stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to reduce
the total number of authorized shares to 160,000,000, consisting of 150,000,000 shares of common stock and 10,000,000 shares of preferred
stock, each with a par value of $0.0001 per share. The certificate of amendment effectuating this change was filed with the Secretary
of State of the State of Delaware on July 30, 2025, and became effective upon filing.

Series
1 Preferred Shares

Trio
Canada is authorized to issue an unlimited number of Series 1 Preferred Shares; under the terms of the shares, (i) holders of such shares may require
the entity to purchase their shares upon submission of a retraction notice, (ii) Trio Canada is obligated to redeem the shares within
30 days of receiving a retraction notice and (iii) Trio Canada may redeem the shares at its discretion at any time. On April 4, 2025,
Trio Canada issued 1,071,886 Series 1 Preferred shares (which are redeemable at CAD$1.00) at a value of US$754,000.

Warrants

A
summary of the warrant activity during the nine months ended July 31, 2025 is presented below:

 SCHEDULE OF WARRANT ACTIVITY

    Weighted  

    Weighted  
    Average  

    Average  
    Remaining  

    Number of Warrants  
    Exercise Price  
    Life  in Years  
    Intrinsic Value 

    Outstanding, November 1, 2024 
     191,994  
    $15.24  
     3.8  
    $47,160 
  
    Expired 
     (20,000) 
     30.00  
     -  
     - 
  
    Issued 
     103,658  
     9.18  
     4.8  
     - 
  
    Outstanding, July 31, 2025 
     171,994