Trio Petroleum Corp. announced on November 4, 2024, its decision to proceed with a 1-for-20 reverse stock split of its outstanding shares of common stock. This action follows approval by the company's board of directors.
The 1-for-20 ratio for the reverse stock split falls within the range previously approved by stockholders at a special meeting held on August 15, 2024.
A reverse stock split typically aims to increase the per-share trading price of a company's stock, which can help meet minimum price requirements for continued listing on exchanges and potentially make the stock more appealing to a broader range of investors.
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