Trio Petroleum Corp (NYSE:TPET) moved lower in after-hours trading on Tuesday following a regulatory update tied to its ongoing equity offering program.
TPET closed the regular session up 3.94% at $0.71 but fell 21.10% after hours to $0.56.
Overview
Trio Petroleum is an oil and gas exploration and development company with operations across California, Utah and Saskatchewan. The stock has traded between a 52-week low of $0.36 and a high of $2.50.
Offering Update
The company disclosed Tuesday in a Form 8-K that it filed Amendment No. 7 to its prospectus supplement related to its at-the-market (ATM) equity offering program.
Following the update, approximately $893,000 worth of shares remain available for sale under the program.
Ongoing Dilution Activity
The filing highlights a series of recent amendments made throughout March and April, adjusting the number of shares available for issuance.
The company has already sold a substantial amount of stock under the program, with total aggregate sales exceeding $20 million.
Trading Metrics
Trio Petroleum has a market capitalization of approximately $22.76 million and is trading closer to its 52-week low than its high.
Benzinga Edge Rankings indicate the stock shows negative price trends across the short, medium and long term.
Disclaimer: This content was produced with the help of AI tools and was reviewed and published by Benzinga editors.
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