Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1164

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 5
Chunk 1164
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 approved by security holders 
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     197,994  
    $15.09  
     168,500  
     272,750 

    (1)
    The
    Company adopted the 2022 Plan originally at the closing of its initial public offering, and the 2022 Plan was amended and restated
    at the 2024 annual meeting of the stockholders on August 15, 2024. As of the date of this Annual Report, all awards under the 2022
    Plan granted by the Board have been disclosed on the Form 8-Ks.

32

Recent
Sales of Unregistered Securities

During
the year ended October 31, 2024, all sales of unregistered securities by the Company have been previously reported on a Form 8-K or Form
10-Q.

Use
of Proceeds

On
April 17, 2023, the U.S. Securities and Exchange Commission declared effective our registration statement on Form S-1 (File No. 333-267380),
as amended, filed in connection with our IPO. There has been no material change in the planned use of proceeds from our IPO from that
described in the related prospectus dated April 19, 2023, filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act.

At-the Market Offering

During
the year ended October 31, 2024, the Company implemented an at-the-market equity offering program (“ATM”),
allowing for the periodic sale of shares of common stock to the public through a designated underwriter, based on prevailing market conditions.
This program provided the Company with flexibility to raise capital as needed to fund growth initiatives and working capital requirements.
During the year ended October 31, 2024, the Company sold 361,708 shares of common stock through the ATM, generating net proceeds of $1,173,679.
As of January 15, the ATM has been fully sold, resulting in the sale of a total of 3,312,877 shares of common stock, generating net
proceeds of $4,649,329.

Issuer
Purchases of Equity Securities

We
did not repurchase any of our equity securities during the period covered by this Annual Report.

ITEM
6. [RESERVED]

ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF