Trio Petroleum Corp.

Trio Petroleum shares fell 23.5% in post-market trading Tuesday after the company said it will proceed with a 1-for-9 reverse stock split to protect its NYSE American listing, with trading on a post-split basis starting at the market open on August 31. Chairman and CEO Robin Ross said the move is proactive rather than reactive, aimed at safeguarding the listing amid potential changes to exchange listing rules while the company executes its broader strategy of building a substantially larger oil and gas company. The company also said it has begun expanding its growth strategy beyond acquisitions to include the identification and development of new drilling opportunities. Trio Petroleum shares have declined 77% over the past year and 68% year to date.