5 Sept 2024securities registration● Neutral
Trio Petroleum Corp amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Aug 2024securities registration● Neutral
Trio Petroleum filed the final prospectus registering the resale of up to 13,189,204 shares by two institutional investors, covering note conversions, warrants and commitment shares. Trio receives no proceeds from the resales, only from any warrant exercises.
28 Aug 2024securities registration● Neutral
Trio Petroleum Corp registered a securities offering with the SEC using its shelf eligibility.
16 Aug 2024securities registration● Neutral
Trio Petroleum Corp amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
16 Aug 2024agm notice● Neutral
At its August 15, 2024 annual meeting, stockholders elected two directors, approved a reverse split of 1-for-5 to 1-for-20 at the board's discretion, raised the equity plan reserve to 10,000,000 shares and ratified the auditor. Trio also extended its $800,000 notes to September 16, 2024 at 15% interest.
8 Aug 2024capital raising announcement▼ Bad
Raised a similar small note ($225,000 gross, $255,225 face, same 12%/$0.18-floor terms) and, in the same filing, extended the Heavy Sweet Asphalt Ridge option two more months, to October 10, 2024.
8 Aug 2024securities registration● Neutral
Trio Petroleum Corp amended a filing by which it registered a securities offering with the SEC.
5 Aug 2024capital raising announcement▼ Bad
Another small note: $134,000 gross, $110,625 net, on $152,000 of face after an $18,000 original issue discount, 12% interest, repayable in five instalments between January and May 2025. It converts only on an event of default, and then at the greater of 75% of market price or an $0.18 floor, with the balance accelerating to 150% at 22% default interest.
24 July 2024securities registration● Neutral
Trio Petroleum Corp registered a securities offering with the SEC using its shelf eligibility.
19 July 2024director interest notice● Neutral
Trio Petroleum Corp director John W. Randall sold 30,000 shares at $0.30.
15 July 2024securities registration● Neutral
Trio Petroleum Corp registered a securities offering with the SEC.
8 July 2024director interest notice● Neutral
Trio Petroleum Corp insider Frank C Ingriselli sold 400,000 shares.
3 July 2024agm notice● Neutral
Trio filed additional definitive proxy materials (a DEFA14A) in connection with its annual meeting. The filing shown contains only the cover page and no further details.
3 July 2024director interest notice● Neutral
Trio Petroleum Corp director Robin A. Ross received 450,000 shares as part of the equity award.
3 July 2024director interest notice● Neutral
Robin A. Ross became a Trio Petroleum Corp director and company insider (initial ownership filing).
3 July 2024director interest notice● Neutral
Robin A. Ross became a Trio Petroleum Corp company insider (initial ownership filing).
2 July 2024director interest notice● Neutral
Trio Petroleum Corp director Thomas J Pernice sold 10,000 shares at $0.31.
1 July 2024agm notice● Neutral
Trio filed its proxy for a virtual annual meeting on August 15, 2024. Holders were asked to elect two Class I directors, approve a 1:5 to 1:20 reverse split, raise the 2022 plan share reserve from 4,000,000 to 10,000,000, and ratify Bush & Associates as auditor.
1 July 2024director interest notice● Neutral
Trio Petroleum Corp insider Frank C Ingriselli sold 280,000 shares at $0.27.
28 June 2024capital raising announcement▼ BadMajor
Raised $720,000 from two more institutional investors via matching $400,000, 10%-OID convertible notes and warrants at $0.39525/share -- and gave both investors the right to participate in up to 100% of any future debt financing.
21 June 2024agm notice● Neutral
Trio Petroleum Corp shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
14 June 2024quarterly activities report▼ Bad
Trio Petroleum Corp reported quarterly revenue of $73 thousand and a net loss of $4.0 million for the period ended 2024-04-30.
5 June 2024director interest notice● Neutral
Trio Petroleum Corp director Thomas J Pernice sold 10,000 shares at $0.23.
14 May 2024auditor change● Neutral
Appointed Bush & Associates CPA LLC as its new auditor, effective May 8, 2024.
7 May 2024auditor change▼ BadMajor
Dismissed BF Borgers CPA PC as auditor -- timing that coincides with the SEC's May 2024 enforcement action barring BF Borgers from public-company audit work industry-wide, though this filing itself cites only routine reasons (no disagreements; going-concern doubt already flagged in its prior reports).
3 May 2024director interest notice● Neutral
Trio Petroleum Corp director Thomas J Pernice sold 10,000 shares at $0.33.
25 Apr 2024capital raising announcement▼ Bad
On April 24, 2024, about a week after the first investor, a second institutional investor joined on the same terms: a $400,000 note with a 10% original issue discount, $360,000 gross proceeds and 750,000 commitment shares. Prepaying one note requires an equal prepayment of the other.
17 Apr 2024capital raising announcement▼ BadMajor
Raised another $360,000 gross ($310,000 net) via a new $400,000 senior secured convertible note (10% OID, $0.25 conversion price, 750,000 commitment shares), maturing August 2024.
8 Apr 2024securities registration● Neutral
Trio Petroleum Corp confidentially submitted a draft registration statement to the SEC.
8 Apr 2024material agreement▼ BadMajor
Paid off both tranches of the October 2023 financing in full by issuing 8,926,664 shares at the $0.15 floor price plus a 3% premium -- closing out that note, at a heavy dilution cost.