secwatch.observer — SEC 8-K summary
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Issuer:     Trio Petroleum Corp (TPET)
CIK:        0001898766
Form:       8-K
Filed at:   2025-04-17T23:59:59+00:00
Accession:  0001641172-25-005302
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Trio Petroleum issues amended convertible note for $606K; conversion floor at $0.48
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- Original note principal $321,176 (April 11) later amended to $712,941 (April 17); funding amount rose to $606,000.
- Net proceeds after discounts, commission (5.5%) and legal fees were $247,985 from the first tranche.
- Conversion price is 75% of lowest 10-day closing bid, with a floor of $0.48; max shares issuable ~1.485M.
- Maturity October 10, 2025; prepayment allowed with 10% penalty after July 10, or no penalty before.
- Event of default triggers 150% acceleration and 20% default interest if uncured after 10 days.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1898766/000164117225005302/0001641172-25-005302-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1898766/000164117225005302/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001641172-25-005302

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer