Past year: ▲ 1290%(3.12c – 1.84 USD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Apr 2024material agreement▼ BadMajor
Raised $184,500 gross ($164,500 net) through an unsecured $211,500 note with a 13% original issue discount and 12% interest, maturing January 2025. The investor can convert it only after a default, at the greater of 25% of market price or a $0.07117 floor.
1 Apr 2024material agreement▼ BadMajor
CEO Michael Peterson personally lent the company $125,000 (10% interest, due September 2024) and had the vesting of 1,000,000 of his own restricted shares accelerated as extra consideration -- the company's first insider loan.
18 Mar 2024quarterly activities report▼ Bad
Trio Petroleum Corp reported a quarterly net loss of $1.7 million for the period ended 2024-01-31.
1 Mar 2024listing compliance notice▼ BadMajor
Received a NYSE American notice for falling out of compliance with the exchange's minimum-price listing standard; trading continued under a compliance plan due by August 26, 2024.
12 Feb 2024director interest notice● Neutral
Trio Petroleum Corp director John W. Randall sold 60,000 shares at $0.13.
5 Feb 2024material agreement▼ BadMajor
Amended the October note again, cutting its conversion floor from $0.35 to $0.15 and issuing 2,395,611 more shares in lieu of a cash payment -- deepening dilution just four months after the original financing.
2 Feb 2024director interest notice● Neutral
Trio Petroleum Corp director Frank C Ingriselli sold 650,000 shares.
29 Jan 2024securities registration● Neutral
Trio Petroleum Corp amended an already-effective registration statement.
29 Jan 2024securities registration● Neutral
Trio Petroleum Corp registered a securities offering with the SEC.
22 Jan 2024director interest notice● Neutral
Trio Petroleum Corp director Frank C Ingriselli gifted 210,000 shares.
5 Jan 2024material agreement● NeutralMajor
Took an option (from Heavy Sweet Oil LLC) to acquire up to 20% of production from 960 acres of long-developed Uinta Basin, Utah oil leases -- a $5 million, three-well development plan -- and, per this filing, Heavy Sweet struck a parallel deal with Lafayette Energy Corp, a company where Trio's own CEO Michael Peterson also serves as CEO; funded $200,000 toward the option in a December 2023 amendment.
2 Jan 2024capital raising announcement▼ BadMajor
Closed the second tranche of October's note financing, but only after cutting the conversion and warrant prices from $1.20 to $0.50 -- a $550,000 note plus 445,561 warrants at the new price, another sign of a falling stock.
15 Dec 2023securities registration● Neutral
Trio Petroleum filed a final prospectus covering the resale by selling stockholders of up to about 13.2 million shares issuable on conversion of the October 2023 convertible note and exercise of warrants. Trio receives no proceeds from the resales, only from any cash exercise of the warrants.
7 Dec 2023securities registration● Neutral
Trio Petroleum Corp amended a filing by which it registered a securities offering with the SEC.
3 Nov 2023securities registration● Neutral
Trio Petroleum Corp registered a securities offering with the SEC.
30 Oct 2023agm notice● Neutral
Sent out a proxy statement for a December 11, 2023 special meeting. Stockholders were asked to approve issuing more than 20% of its shares on conversion of convertible notes and exercise of warrants under an October 4, 2023 purchase agreement, plus a possible adjournment.
30 Oct 2023director interest notice● Neutral
Trio Petroleum Corp Chief Executive Officer Michael L Peterson received 1,000,000 shares as part of the equity award.
20 Oct 2023agm 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).
17 Oct 2023material agreement● NeutralMajor
Agreed to buy a 21.9% undivided interest in the McCool Ranch Oil Field from Trio Petroleum LLC -- a company owned by Trio's own Chairman, President and COO -- for $100,000 upfront plus up to $400,000 more if a water-disposal-well refurbishment succeeds; the deal was reviewed and negotiated by an independent Special Acquisitions Committee with the insiders recused.
4 Oct 2023capital raising announcement▼ BadMajor
Opened its first convertible note financing -- up to $3.5 million in two tranches -- funding the first ($2 million note, $1.86 million net after 7% OID) alongside a warrant on 866,702 shares at $1.20, both priced at $1.20/share.
21 Sept 2023material agreement▼ Bad
Got the last of the six pre-IPO warrant holders to exercise too, but only by cutting the price all the way to $0.11/share (from $1.03) on a cashless basis -- a sign the stock had already fallen sharply just five months after the IPO.
11 Sept 2023quarterly activities report▼ Bad
Trio Petroleum Corp reported a quarterly net loss of $2.2 million for the period ended 2023-07-31.
6 Sept 2023director interest notice● Neutral
Trio Petroleum Corp director Michael L Peterson received 125,000 shares as part of the equity award.
6 Sept 2023director interest notice● Neutral
Trio Petroleum Corp director John Hunter William received 100,000 shares as part of the equity award.
6 Sept 2023director interest notice● Neutral
Trio Petroleum Corp director John W. Randall received 100,000 shares as part of the equity award.
6 Sept 2023director interest notice● Neutral
Trio Petroleum Corp director Thomas J Pernice received 100,000 shares as part of the equity award.
11 July 2023securities registration● Neutral
Filed a prospectus supplement to its resale registration, attaching the July 2023 8-K on warrant exercises. Five of six holders agreed to exercise for 2,449,466 shares at a reduced $0.80, giving the company about $1.95 million.
11 July 2023material agreement● Neutral
Persuaded 5 of 6 holders of its pre-IPO (January 2022) warrants to exercise early by cutting the exercise price from $1.03 to $0.80 and boosting the share count 25% -- raising about $1.96 million.
7 July 2023securities registration● Neutral
Trio Petroleum Corp filed the final prospectus for a registered offering.
30 June 2023securities registration● Neutral
Trio Petroleum Corp amended a filing by which it registered a securities offering with the SEC.
