Company: TPET
Filing Date: 2025-04-15
Form Type: 10-K/A
Source: 0001641172-25-004910
Chunk: 151

Company: Trio Petroleum Corp.
Filing Date: 2025-04-15
Form: 10-K/A
Chunk 151
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, conversion or redemption of the June 2024 Notes in accordance with their terms. All monthly payments are payable by the Company in cash, provided that under certain circumstances, as provided in the June 2024 Notes, the Company may elect to pay in shares of Common Stock.

The Company may repay all or any portion of the outstanding principal amount of the June 2024 Notes, subject to a 5% pre-payment premium; provided that (i) the Equity Conditions (as such term is defined in the June 2024 Notes) are then met, (ii) the closing price of the Common Stock on the trading day prior to the date that a prepayment notice is provided by the Company is not below the then June 2024 Conversion Price, and (iii) a resale registration statement registering June 2024 Conversion Shares and June Financing Warrant Shares has been declared effective by SEC. If the Company elects to prepay the June 2024 Notes, the June 2024 Investors have the right to convert all of the principal amount of the June 2024 Notes at the applicable June 2024 Conversion Price into June 2024 Conversion Shares.

On September 26, 2024, October 1, 2024, and October 30, 2024, the Company made principal payments towards the June 2024 Notes in the amounts of $ 88,888, $ 50,000and $ 88,888, respectively, which it converted into shares at 103% for conversion amounts of $ 91,556, $ 51,500and $ 91,556, respectively. Conversion shares were issued numbering 30,520, 17,167and 38,150, respectively, at fair values per share of $ 3.38, $ 3.66and $ 2.58, respectively, for total amounts of $ 103,091, $ 62,830and $ 98,422, respectively. Losses in the amounts of $ 14,203, $ 12,830and $ 9,534, respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts. An additional 2,317shares were issued on October 11, 2024 at a fair value of $ 3.38for a total amount of $ 7,838; the share issuance was made to satisfy a make-whole-share provision which the debtor is entitled to when the effective price of the shares becomes