Trio Petroleum Announces Notice Of Noncompliance With NYSE American Listing Standards
Portfolio Pulse from Benzinga Newsdesk
Trio Petroleum Corp (NYSE:TPET), a California-based oil and gas company, announced receiving a deficiency letter from NYSE American for not complying with listing standards due to low share prices. The company must demonstrate price improvement by August 26, 2024, and is considering operations in the McCool field and a potential reverse stock split as measures to regain compliance.

March 01, 2024 | 9:10 pm
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Trio Petroleum Corp received a notice of noncompliance from NYSE American due to low share prices and must show improvement by August 26, 2024. Considering operational initiatives and a reverse stock split to address the issue.
Receiving a notice of noncompliance from a major stock exchange is a significant negative indicator for a company's stock. It suggests underlying issues with the company's valuation or operations that have led to sustained low share prices. While the company's plans to initiate operations in the McCool field and consider a reverse stock split could potentially address the issue, these measures also indicate a level of desperation to comply with listing standards. The uncertainty surrounding the effectiveness of these measures and the potential for a reverse stock split (which can be viewed negatively by investors) likely contribute to a negative short-term impact on TPET's stock price.
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