On April 16, 2024, Trio Petroleum Corp. Entered Into A SPA With An Institutional Investor In The Amount Of $360,000 Resulting In Net Proceeds To The Company, After Offering Expenses, Of $310,000 For 750K Shares Of Common Stock
Portfolio Pulse from Benzinga Newsdesk
On April 16, 2024, Trio Petroleum Corp. (TPET) entered into a securities purchase agreement with an institutional investor for $360,000, resulting in net proceeds of $310,000 after expenses. The deal included issuing 750,000 shares of common stock and granting the investor piggy-back registration rights and the right to participate in future financings. The company is also planning a reverse stock split to maintain NYSE American listing.
April 17, 2024 | 2:11 pm
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Trio Petroleum Corp. secured a $360,000 financing deal, issuing 750,000 shares to an institutional investor, with plans for a reverse stock split.
The financing deal provides Trio Petroleum with necessary capital, which could be viewed positively by investors as it strengthens the company's financial position. The issuance of new shares could dilute existing shareholders, but the capital infusion and the steps to maintain NYSE American listing compliance, including a planned reverse stock split, are likely to be seen as positive developments in the short term.
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IMPORTANCE 90
RELEVANCE 100