secwatch.observer — SEC 8-K summary
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Issuer:     Trio Petroleum Corp (TPET)
CIK:        0001898766
Form:       8-K
Filed at:   2024-02-05T23:59:59+00:00
Accession:  0001493152-24-004949
Event type: debt
Sentiment:  negative
Materiality: 0.65
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Trio Petroleum reduces convertible note floor price to $0.15, issues 2.4M shares to offset cash obligation
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- Floor Price on First Tranche Note lowered from $0.35 to $0.15; remaining principal balance $1M.
- Issued 2,395,611 shares to Investor in lieu of paying $616,468 in cash for conversion obligations.
- Monthly $250,000 installment payments may be accelerated, subject to mutual consent and 4.99% beneficial ownership limit.
- Note matures April 4, 2025, carries no interest; first tranche originally funded $1.86M in October 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1898766/000149315224004949/0001493152-24-004949-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1898766/000149315224004949/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-004949

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