Trio Petroleum Corp. (TPET) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 06, 2026

Risk Assessment Details

Potential Dilution: 35.74% of current shares
Recent Dilution: 378.54% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
34M
Potential Supply
12M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

TPET currently has 33.8M outstanding shares. with moderate dilution risk from 12.1M authorized shares representing 35.7% potential dilution. The company has significantly diluted shareholders by 378.54% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 06, 2026

8-K filing: Trio Petroleum Corp filed an 8-K reporting updates to its At Market Issuance Sales Agreement, including the sale of 28,013,007 shares of common stock for $24,207,305 as of May 6, 2026. ($24.21M proceeds)

34M 12M
Apr 10, 2026

8-K filing: Trio Petroleum Corp files an 8-K reporting the sale of shares of common stock through an At Market Issuance Sales Agreement, with Amendment No. 9 updating the amount of shares available for sale to $1,282,000, and total shares sold previously amounting to $22,925,309 (25,603,230 shares). ($22.93M proceeds)

34M 12M
Apr 07, 2026

8-K filing: Trio Petroleum Corp. has been offering shares of its common stock through an At Market Issuance Sales Agreement, with multiple amendments to the prospectus supplement updating the amount of shares eligible for sale, and as of April 7, 2026, had sold 22,025,654 shares of Common Stock for gross proceeds of $20,972,479. ($101.26M proceeds)

34M 12M
Apr 06, 2026

8-K filing: Trio Petroleum Corp sold 20,651,554 shares of common stock for an aggregate sales price of $20,027,510 pursuant to an At Market Issuance Sales Agreement. ($20.03M proceeds)

34M 12M
Apr 03, 2026

S-3 filing: This prospectus relates to the resale by the selling stockholders of up to 1,359,024 shares of common stock of Trio Petroleum Corp.

34M 12M
Mar 30, 2026

8-K filing: Trio Petroleum Corp filed Amendment No. 5 to the Prospectus Supplement on March 30, 2026, updating the amount of shares eligible for sale under General Instruction I.B.6, with a maximum aggregate offering amount of $20,028,000, including shares of Common Stock having an aggregate sales price of $19,016,726 (19,202,455 shares of Common Stock) that were previously sold pursuant to the Prospectus Supplement, as amended. ($19.02M proceeds)

32M 11M
Mar 27, 2026

8-K filing: Trio Petroleum Corp issued 446,149 restricted shares of common stock to McDermott Will & Schulte LLP to settle an aggregate of $392,700.23 in fees for legal services. ($0.39M proceeds)

32M 11M
Mar 17, 2026

10-Q filing | 31.9M shares outstanding

32M 11M
Mar 10, 2026

8-K filing: Trio Petroleum Corp files an 8-K disclosing the sale of shares of common stock through an At Market Issuance Sales Agreement, with multiple amendments updating the amount of shares eligible for sale, and reporting the cumulative sales. ($41.24M proceeds)

12M 11M
Jan 20, 2026

10-K filing | 12.3M shares outstanding

12M 11M
Jan 05, 2026

8-K filing: Trio Petroleum Corp. acquired assets from Novacor Exploration Ltd. by issuing 912,875 shares of common stock. ($0.73M proceeds)

8M 11M
Dec 29, 2025

8-K filing: Trio Petroleum Corp issued 50,000 shares of common stock to Redwood Empire Financial Communications LLC for investor relations services.

8M 11M
Sep 12, 2025

10-Q filing | 8.0M shares outstanding

8M 11M
Sep 04, 2025

S-3 filing: This prospectus relates to the resale of up to 1,679,127 shares of common stock by selling stockholders, consisting of shares issuable in connection with convertible promissory notes.

8.4M 11M
Aug 18, 2025

8-K filing: Trio Petroleum Corp closed a private placement, issuing unsecured convertible promissory notes to institutional investors for $1,200,000 in principal amount, resulting in net proceeds of $928,600 after discounts and fees, to be used for working capital and general corporate purposes.

8.4M 9.1M
Jun 10, 2025

10-Q filing | 7.1M shares outstanding

7.1M 9.1M
May 20, 2025

8-K filing: Trio Petroleum Corp. entered into a non-binding Letter of Intent with Heavy Sweet Oil LLC to acquire certain oil and gas assets in Utah, involving the issuance of 1,492,272 restricted shares and a cash payment of $850,000.

7.5M 9.1M
May 14, 2025

S-3/A filing: This prospectus relates to the resale by the selling stockholders named herein, or their respective transferees, pledgees, donees or other successors-in-interest, from time to time, of up to an aggregate of 2,031,830 shares of common stock, par value $0.0001 per share, of Trio Petroleum Corp.

7.5M 9.1M
Apr 28, 2025

S-3 filing: This prospectus relates to the resale by the selling stockholders of up to an aggregate of 2,031,830 shares of common stock of Trio Petroleum Corp.

7.5M 9.1M
Apr 17, 2025

8-K filing: Trio Petroleum Corp. issued an Amended and Restated Unsecured Convertible Promissory Note to an institutional investor with a principal amount of $712,941 which is convertible to shares of common stock at a conversion price no less than $0.48, resulting in a maximum of 1,485,293 conversion shares.

7M 7M
Apr 10, 2025

8-K filing: Trio Petroleum Corp. acquired assets from Novacor Exploration Ltd. for US$650,000 in cash and 526,536 shares of common stock and entered into a Loan and Note Purchase Agreement with Trio Canada for US$1,131,000.

7M 7M
Mar 14, 2025

10-Q filing | 7.0M shares outstanding

7M 7M
Feb 28, 2025

S-1/A filing: This S-1/A filing details a proposed offering of up to 5,882,353 shares of common stock at an assumed price of $1.36 per share, aiming to raise $8,000,000 for debt repayment, Asphalt Ridge Project option exercise, and working capital.

7M 7M
Feb 05, 2025

S-1/A filing: This S-1/A filing relates to a follow-on offering of common stock and pre-funded warrants, with the goal of raising up to $8 million primarily to exercise an option on the Asphalt Ridge Project and for general corporate purposes.

6.7M 6.2M
Jan 17, 2025

10-K filing | 6.7M shares outstanding

6.7M 5M
Nov 29, 2024

S-1/A filing: This S-1/A filing relates to an offering of 3,846,154 shares of common stock, based on an assumed public offering price of $1.30 per share, and pre-funded warrants.

3.8M 5M
Nov 14, 2024
Stock Split

8-K filing: Stock split 1-for-20 | Outstanding: 50,328,328 → 2,516,416

2.5M 3.2M
Oct 23, 2024

8-K filing: On October 21, 2024, the Board approved the awards of 250,000 shares of Restricted Stock to each of the independent directors John Randall, Thomas J. Pernice, and William J. Hunter, and 200,000 shares of Restricted Stock to Chief Financial Officer Greg Overholtzer.

50M 64M
Sep 12, 2024

10-Q filing | 50.3M shares outstanding

50M 64M
Sep 12, 2024

8-K filing: Trio Petroleum Corp. entered into a Media Advertising Agreement with an advertising service provider, compensating them with $100,000 in cash and 250,000 shares of unregistered common stock.

50M 64M
Sep 05, 2024

S-3/A filing: The filing relates to an S-3/A registration statement including exhibits such as the form of underwriting agreement, indenture, preferred stock certificate of designation, warrant agreement, note, and debt securities.

50M 64M
Aug 28, 2024

S-3 filing: TRIO PETROLEUM CORP. may offer and sell up to $100,000,000 in the aggregate of common stock, preferred stock, and debt securities from time to time, in one or more offerings.

50M 64M
Aug 16, 2024

S-3/A filing: This S-3/A filing relates to the resale of up to 13,189,204 shares of common stock by selling shareholders, which is equal to the aggregate of shares issued or issuable in connection with financings completed in April and June 2024.

50M 64M
Aug 08, 2024

S-1/A filing: The company is offering up to $10,000,000 of shares and/or pre-funded warrants to repay outstanding indebtedness, exercise an option for an additional working interest in the Asphalt Ridge Project, and for working capital and general corporate purposes.

50M 77M
Jul 24, 2024

S-3 filing: This S-3 filing relates to the resale of up to 26,378,408 shares of common stock by selling shareholders, which is equal to 200% of an aggregate of up to a maximum of 13,189,204 shares of Common Stock issued or issuable in connection with financings completed in April 2024 and June 2024.

50M 71M
Jul 15, 2024

S-1 filing: This S-1 filing outlines a best-efforts offering of up to $10,000,000 in shares and pre-funded warrants, with the net proceeds intended for debt repayment, funding an option in the Asphalt Ridge Project, and general corporate purposes.

50M 45M
Jun 28, 2024

8-K filing: Trio Petroleum Corp. entered into a securities purchase agreement with two institutional investors for gross proceeds of $720,000 through the issuance of senior secured convertible promissory notes and warrants.

50M 9.5M
Jun 14, 2024

10-Q filing | 50.3M shares outstanding

50M 9.5M
Apr 25, 2024

8-K filing: Trio Petroleum Corp. entered into an Amended and Restated Securities Purchase Agreement with additional investors, resulting in gross proceeds of $360,000 and the issuance of 1,500,000 commitment shares.

37M 9.5M
Apr 17, 2024

8-K filing: Trio Petroleum Corp. entered into a securities purchase agreement with an institutional investor, issuing 750,000 shares of common stock as a commitment fee and agreeing to use commercially reasonable efforts to consummate a reverse stock split if required to maintain its NYSE American listing.

37M 9.5M
Apr 08, 2024

8-K filing: Trio Petroleum Corp. repaid the remaining outstanding principal balance of the Notes by issuing 8,926,664 shares of common stock to the Investor at a floor price of $0.15 per share.

37M 9.5M
Apr 01, 2024

8-K filing: Trio Petroleum Corp. borrowed $125,000 from its Chief Executive Officer, Michael L. Peterson, and accelerated the vesting of 1,000,000 shares of restricted stock awarded to Mr. Peterson under the Company's 2022 Equity Incentive Plan.

37M 9.5M
Mar 18, 2024

10-Q filing | 36.9M shares outstanding

37M 9.5M
Feb 05, 2024

8-K filing: Trio Petroleum Corp. amended a securities purchase agreement with an institutional investor to reduce the floor price of a convertible note, issue additional shares in lieu of cash payments, and accelerate monthly payments.

32M 9.5M
Jan 29, 2024

10-K filing | 31.9M shares outstanding

32M 9.5M
Jan 29, 2024

POS AM filing: This prospectus relates to the resale of up to 17,009,623 shares of common stock, par value $0.0001 per share of Trio Petroleum Corp. held by certain selling stockholders named in this prospectus.

32M 9.5M
Jan 29, 2024

S-1 filing: This prospectus relates to the resale from time to time, by an institutional investor, of (i) up to 3,142,858 shares of common stock which the Investor may acquire upon the conversion of a senior secured convertible promissory note and (ii) up to 891,122 shares of Common Stock, which the Investor may acquire upon the exercise of an outstanding warrant and (iii) up to 55,000 shares of Common Stock, which the Placement Agent may acquire upon the exercise of an outstanding warrant issued to the Placement Agent for its services relating to the Private Placement

32M 9.5M
Jan 05, 2024

8-K filing: Trio Petroleum Corp acquired an option to purchase up to a 20% production share in certain leases in eastern Utah and funded $200,000 for a 2% interest in the Asphalt Ridge Leases. ($0.2M proceeds)

31M 19M
Jan 02, 2024

8-K filing: Trio Petroleum Corp. closed on a second tranche of financing, receiving gross proceeds of $511,500 from an institutional investor through the issuance of a senior secured convertible promissory note and a warrant to purchase common stock, with a reduced conversion and exercise price of $0.50.

31M 19M
Dec 07, 2023

S-1/A filing: This prospectus relates to the resale from time to time, by an institutional investor of up to 11,428,572 shares of common stock, which the Investor may acquire upon the conversion of a senior secured convertible promissory Note and up to 1,733,404 shares of Common Stock, which the Investor may acquire upon the exercise of an outstanding warrant. In addition, this prospectus also relates to the resale from time to time, by the placement agent of up to 83,333 shares of Common Stock, which the Placement Agent may acquire upon the exercise of an outstanding warrant issued to the Placement Agent.

31M 19M
Nov 03, 2023

S-1 filing: This S-1 filing relates to the resale of common stock issuable upon conversion of a senior secured convertible promissory note and upon exercise of warrants.

31M 19M
Oct 04, 2023

8-K filing: Trio Petroleum Corp. entered into a securities purchase agreement with an institutional investor for loans up to $3.5 million, with $1.86 million funded initially, and issued a convertible note for $2,000,000 and a warrant to purchase 866,702 shares of common stock.

29M 5.4M
Sep 21, 2023

8-K filing: On September 21, 2023, Trio Petroleum Corp. issued 451,831 shares of common stock to a warrant holder via cashless exercise of a warrant, which was amended to reduce the exercise price to $0.11 per share.

30M 5.4M
Sep 11, 2023

10-Q filing | 29.6M shares outstanding

30M 5.4M
Jul 11, 2023

8-K filing: Trio Petroleum Corp. entered into warrant exercise agreements with five warrant holders to exercise warrants for 2,449,466 shares of common stock at a reduced exercise price of $0.80 per share, resulting in expected gross proceeds of approximately $1,959,572. ($1.96M proceeds)

25M 5.4M
Jun 30, 2023

S-1/A filing: This prospectus relates to the resale from time to time, by the selling stockholders of up to 3,149,314 shares of common stock, which the Selling Stockholders may acquire upon the exercise of outstanding warrants and up to 500,000 shares of Common Stock, which the Selling Stockholders may acquire upon the exercise of outstanding pre-funded warrants

25M 5.4M
Jun 14, 2023

S-1 filing: This S-1 filing relates to the resale from time to time, by the selling stockholders of up to 3,149,314 shares of common stock, par value $0.0001 per share, which the Selling Stockholders may acquire upon the exercise of outstanding warrants and up to 500,000 shares of Common Stock, which the Selling Stockholders may acquire upon the exercise of outstanding pre-funded warrants.

25M 5.4M
Jun 08, 2023

10-Q filing | 24.8M shares outstanding

25M 1.8M
Apr 20, 2023

8-K filing: Trio Petroleum Corp. closed its initial public offering on April 20, 2023, selling 2,000,000 shares of common stock to Spartan Capital Securities, LLC at $3.00 per share, and issued a warrant to purchase 100,000 shares of common stock to the representative. ($6.0M proceeds)

N/A 1.8M
Mar 24, 2023

S-1/A filing: This S-1/A filing from Trio Petroleum Corp. registers 1,714,286 shares of common stock for an initial public offering, with an expected price between $3.00 and $4.00 per share, and seeks to list on the NYSE American under the symbol "TPET," as well as registering the issuance of warrants to purchase 85,714 shares of common stock to the underwriters.

N/A 1.8M
Mar 17, 2023

S-1/A filing: Trio Petroleum Corp. is offering 1,714,286 shares of its common stock in an initial public offering, with an expected price between $3.00 and $4.00 per share, and is also seeking to register the issuance of warrants to purchase 85,714 shares of common stock to the underwriters.

N/A 1.8M
Feb 28, 2023

S-1/A filing: Trio Petroleum Corp. is offering 1,714,286 shares of common stock in its initial public offering, with an expected price between $3.00 and $4.00 per share.

N/A 1.8M
Feb 06, 2023

S-1/A filing: Trio Petroleum Corp. is offering 1,714,286 shares of its common stock in an initial public offering, with an expected price between $3.00 and $4.00 per share.

N/A 1.8M
Jan 20, 2023

S-1/A filing: Trio Petroleum Corp. is offering 1,714,286 shares of its common stock in an initial public offering, with an expected price between $3.00 and $4.00 per share and is also seeking to register the issuance of warrants to purchase 85,714 shares of Common Stock to the underwriters as well as the shares of Common Stock issuable upon exercise by the underwriters.

N/A 1.8M
Dec 08, 2022

S-1/A filing: Trio Petroleum Corp. is offering shares of its common stock in an initial public offering and is seeking to register the issuance of warrants to purchase shares of common stock to the underwriters as well as the shares of common stock issuable upon exercise by the underwriters of the Representative's Warrants.

N/A 0
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