Trio Petroleum Corp. entered into a Settlement Agreement with McDermott Will & Schulte LLP on March 24, 2026, to resolve $392,700.23 in past-due legal fees by issuing 446,149 restricted shares of common stock. The company agreed to file a resale registration statement for these shares within 20 days and use commercially reasonable efforts to make it effective within 45 days.
Key takeaways
The company entered into a Settlement Agreement with McDermott Will & Schulte LLP on March 24, 2026.
The agreement settles $392,700.23 in past-due legal fees owed to McDermott.
Settlement consideration consists of 446,149 restricted shares of the company's common stock.
The company must file a resale registration statement for the shares within 20 calendar days of issuance.
The company must use commercially reasonable efforts to make the registration statement effective within 45 days of issuance.
The shares were issued in reliance on the Section 4(a)(2) exemption from registration under the Securities Act.