Trio Petroleum Corp. (NYSE:TPET) saw its stock price fall 22% on Wednesday after the company reported additional sales of common stock under its at-the-market offering program. The company disclosed that it sold another $944,893 worth of shares, and said total share sales through the program now exceed 22 million.
In Amendment No. 7 to its prospectus supplement, filed on Monday, Trio Petroleum reported that since initiating the ATM program in January it has sold 22,025,654 shares of common stock for total proceeds of $20,972,479. The filing also states that about $893,000 remains available to be sold under the program, which carries a maximum aggregate offering amount of $21,866,000.
The original At Market Issuance Sales Agreement was established with Ladenburg Thalmann & Co. Inc. in January and was initially structured to allow sales of up to $3,600,000 in shares. Since then, the company has filed seven amendments to its prospectus supplement as it continued to sell into the program and expand the offering size.
Those successive amendments reflect a pattern of ongoing share sales that have materially increased the company’s outstanding share count. The filing notes that between April 6 and April 7 the company sold roughly 1.4 million additional shares, generating approximately $944,969 in proceeds during that span.
The ATM offering permits Trio Petroleum to sell shares from time to time through Ladenburg Thalmann acting as sales agent. The program is operating under the company’s existing Form S-3 registration statement, which became effective in September 2024.
The company’s disclosures emphasize the cumulative nature of the share issuance and the remaining capacity under the offering. Investors and market participants will watch whether further sales under the program are executed and how additional issuance could affect the company’s capital structure and per-share metrics.
Clear summary: Trio Petroleum reported additional ATM share sales totaling $944,893, bringing cumulative shares sold to 22,025,654 for $20,972,479 since January. Amendment No. 7 shows about $893,000 remains available under a program with a $21,866,000 cap; the stock fell 22% on Wednesday.