Director Thomas J. Pernice of Trio Petroleum Corp (EXCHANGE:TPET) executed two separate dispositions of the companys common shares, together amounting to $62,976 in proceeds. The transactions were disclosed in recent company filings and were reported as sales to cover taxes connected to restricted stock issued to Pernice in 2025.
Details of the transactions are as follows:
- On October 1, 2025, Pernice sold 17,750 shares at an average price of $1.0363 per share, producing proceeds of $18,394.
- On March 12, 2026, he sold 25,000 shares at an average price of $1.7518 per share, producing proceeds of $43,795.
Collectively, these two trades total $62,976. After the March 12, 2026 sale, Pernice directly holds 175,000 shares of Trio Petroleum Corp.
Market context included in the filings notes that Trio Petroleums stock is trading at $1.77 and has posted a 123% year-to-date gain, a level of price movement characterized by elevated volatility, according to InvestingPro data referenced in the disclosure.
In separate corporate finance activity, Trio Petroleum provided updates to its at-the-market (ATM) equity offering arrangement. The company had an agreement in place with Ladenburg Thalmann & Co. Inc. to sell up to $3.6 million of common stock under the ATM program. Following prior sales, the company amended the program to reflect an updated aggregate amount eligible for sale of $3.29 million.
The amendment follows sales that amounted to $3.6 million worth of shares, representing a total of 7,344,372 shares transacted under the ATM arrangement. The company retains discretion over the timing, the number of shares offered, and the minimum price at which shares may be sold under the program.
Under the ATM agreement, shares may be sold directly on or through the NYSE American or other trading venues, according to the filings. Both Trio Petroleum and Ladenburg Thalmann have the contractual option to suspend or terminate the ATM program with written notice. These procedural and program changes were documented in the companys recent SEC filings.
The filings indicate the insider sales were specifically reported as being made to satisfy tax obligations resulting from the issuance of restricted stock to Mr. Pernice during 2025. No additional claims about future insider activity or company strategy are made in the disclosure materials.