Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 296

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 296
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 to attract and retain qualified members of our board of directors, particularly to serve on our audit committee and
compensation committee, and qualified executive officers.

By
disclosing information in this Annual Report and in other filings required of a public company, our business and financial condition
will become more visible, which we believe may result in threatened or actual litigation, including by competitors and other third parties.
If those claims are successful, our business could be seriously harmed. Even if the claims do not result in litigation or are resolved
in our favor, the time and resources needed to resolve them could divert our management’s resources and seriously harm our business.

We
are subject to the examination of our tax returns and other tax matters by the U.S. Internal Revenue Service, states in which we conduct
business, and other tax authorities. If our effective tax rates were to increase, or if the ultimate determination of our taxes owed
is for an amount in excess of amounts previously accrued, our financial condition, operating results and cash flows could be materially
adversely affected.

U.S.
federal, state and local tax laws are being re-examined and evaluated. New laws and interpretations of the law are taken into account
for financial statement purposes in the quarter or year that they become applicable. Tax authorities are increasingly scrutinizing the
tax positions of companies. If U.S. federal, state or local tax authorities change applicable tax laws, our overall taxes could increase,
and our business, financial condition or results of operations may be adversely impacted.

In
addition, any significant changes enacted by the current U.S. presidential administration to the Code or specifically to the Tax Cuts
and Jobs Act (the “U.S. Tax Act”) enacted in 2017, or to regulatory guidance associated with the U.S. Tax Act, could materially
adversely affect our effective tax rate.

Our
amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the sole and exclusive
forum for substantially all disputes between us and our stockholders, which could limit its stockholders’ ability to obtain a favorable
judicial forum for disputes with us or our directors, officers or other employees.

Our
amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum,
the Court of Chancery of the State of Delaware will be the sole and exclusive forum for (1) any derivative action or proceeding brought
on our behalf, (