Company: TPET
Filing Date: 2025-09-04
Form Type: S-3
Source: 0001493152-25-012641
Chunk: 17

Company: Trio Petroleum Corp.
Filing Date: 2025-09-04
Form: S-3
Chunk 17
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 convert pursuant to its Note (the “Beneficial Ownership Limitation”).

The conversion price of the August 2025 Notes is equal to the lesser of (i) $1.32 and (ii) 90% of the lowest daily VWAP of the common stock on the Principal Exchange, during the five (5) trading days prior to the date of a notice of conversion (a “Conversion Notice”). Notwithstanding the foregoing, the Conversion Price shall not be less than a floor price of $0.72, subject to certain adjustments, as provided in the August 2025 Notes (the “Floor Price”). In the event that any August 2025 Note Investor desires to convert its August 2025 Note at a time when the applicable Conversion Price is less than the Floor Price, such Investor may request a reduction to the Floor Price to the then applicable Conversion Price, but, in any event, not less than $0.22, which is 20% of the closing price of $1.10 of the common stock on the Principal Exchange on the trading day immediately prior the original issuance date of the August 2025 Notes. Upon any such reduction in the Floor Price, the Floor price of the other August 2025 Notes shall be similarly reduced.

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Notwithstanding any of the other terms of the August 2025 Notes, the maximum number of shares of common stock which may be issued upon the conversion of all of the August 2025 Notes is 1,679,127 shares (the “Maximum Number of Conversion Shares), which is equal to 19.99% of the 8,399,839 shares of the Company’s common stock issued and outstanding on the closing date of the private placement.

Under the terms of a Registration Rights Agreement entered into by us with each of the August 2025 Note Investors, we have agreed to register the Conversion Shares for resale in a registration statement, to keep the registration statement of which this prospectus forms a part effective, and to keep this prospectus available for use by the Selling Stockholders until all of the Conversion Shares have been sold or may be sold pursuant to Rule 144 under the Securities Act without regard to volume or manner-of-sale restrictions and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144 (to the extent applicable). The Conversion Shares are included for registration for resale in the registration statement of which this prospectus forms a part and the August 2025 Note Investors are Selling Stockholders hereunder