Trio Petroleum Corp. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits
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Item 1.01. Entry into a Material Definitive Agreement.
As reported in Trio Petroleum Corp.’s (the “Company”) Current Report on Form 8-K, filed with the Securities and Exchange Commission (the “Commission”) on April 25, 2024, on April 24, 2024, the Company amended certain financing provided by an institutional investor on April 16, 2024, to add an additional institutional investor for total financing in the amount of $720,000, pursuant to which the Company issued two Senior Secured Convertible Promissory Notes in the aggregate principal amount of $800,000 (the “Notes”).
As reported in the Company’s Current Report on Form 8-K, filed with the Commission on August 8, 2024, on August 6, 2024, in consideration for obtaining waivers from the two institutional investors, in connection with certain additional financing, the Company repaid $25,000 of the outstanding principal balance of each of the Notes.
On August 14, 2024, the Company entered into two letter agreements with identical terms with the two institutional investors (the “Note Amendments”) extending the maturity dates of the Notes from August 16, 2024 to September 16, 2024 and providing for the accrual of interest on the outstanding principal balance of the Notes at a rate of 15% per annum until the Notes are repaid.
The above description of Note Amendments is qualified in its entirety by the Note Amendments, a copy of the form of which is attached as Exhibit 10.1 to this Current Report on Form 8-K.
Item 5.07 Submission of Matters to a Vote of Security Holders
On August 15, 2024, at the annual meeting of stockholders (the “Annual Meeting”) of the Company, of the Company’s 50,328,328 shares of common stock issued and outstanding and eligible to vote as of the record date of June 18, 2024, a quorum of 27,327,839 shares, or approximately 54.3% of the eligible shares, was present or represented by proxy. Each of the matters set forth below is described in detail in the proxy statement (the “Proxy Statement”) filed with the Securities and Exchange Commission on July 1, 2024. The following actions were taken at the Annual Meeting:
Proposal No. 1: Election of Two Class III Directors
The first proposal was the election of two (2) Class I directors each to serve for a three-year term that expires at the 2027 annual meeting of stockholders, or until the election and qualification of their respective successors in office, subject to their earlier death, resignation, or removal. The vote on the proposal was as follows:
| Name of Nominee | FOR | WITHHELD | BROKER
NON-VOTE |
|||
| John Randall | 15,000,460 | 2,317,045 | 10,010,334 | |||
| Thomas J. Pernice | 14,850,442 | 2,467,063 | 10,010,334 |
Each nominee was elected.
Proposal No. 2: Approval of the Amendment to the Amended and Restated Certificate of Incorporation
The second proposal was the approval of an amendment to the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split of its outstanding shares of common stock in a ratio to be set at the discretion by the Board, which is in a range from 1-for-5 to 1-for-20 (the “Reverse Split”). The vote on the proposal was as follows:
| FOR | AGAINST | ABSTAIN | ||
| 20,001,466 | 7,161,354 | 165,019 |
Proposal No. 2 was approved by a majority of the votes cast. The Reverse Split will be effective upon the filing of a certificate of amendment to the Company’s Amended and Restated Certificate of Incorporation, in substantially the form attached to the Proxy Statement as Annex A, with the Secretary of State of Delaware, with such filing to occur, if at all, at the sole discretion of the Board.
Proposal No. 3: Approval of an Amendment to the Company’s 2022 Equity Incentive Plan
The third proposal was the approval of an amendment to our 2022 Equity Incentive Plan (the “2022 Plan”) to (i) increase the number of shares of common stock reserved for issuance with respect to awards granted under the 2022 Plan from 4,000,000 shares of common stock to 10,000,000 shares of common stock and (ii) increase the maximum number of shares of common stock that may be issued pursuant to the exercise of incentive stock options under the 2022 Plan from 4,000,000 shares of common stock to 10,000,000 shares of common stock. The vote on the proposal was as follows:
| FOR | AGAINST | ABSTAIN | BROKER
NON-VOTE | |||
| 13,477,381 | 2,942,169 | 897,955 |
10,010,334 |
Proposal No. 3 was approved by a majority of the votes cast.
Proposal No. 4: Ratification of Appointment of Independent Registered Public Accounting Firm
The fourth proposal was the ratification of the appointment of Bush & Associate CPA LLC. as the Company’s independent registered public accounting firm for the year ending October 31, 2024. The vote on the proposal was as follows:
| FOR | AGAINST | ABSTAIN | ||
| 26,028,130 | 639,877 | 659,832 |
Proposal No. 4 was approved by a majority of the votes cast.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed as part of this report:
| Exhibit No. | Description | |
| 10.1 | Amendment No. 1 to Amended and Restated Senior Secured Convertible Promissory Note, dated August 14, 2024. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 16, 2024
| TRIO PETROLEUM CORP. | ||
| By: | /s/ Robin Ross | |
| Name: | Robin Ross | |
| Title: | Chief Executive Officer | |