Why Trio Petroleum (TPET) Stock Is Trading Lower

Trio Petroleum Corp TPET shares are trading lower by 19% to 10 cents Tuesday morning after the company announced a 1-for-20 reverse stock split, approved by its board and shareholders, to take effect on November 14.

What To Know: This split will consolidate every 20 shares of common stock into 1 share, affecting all outstanding shares equally. Stockholders' ownership percentages will remain the same, though fractional shares will be rounded up.

Adjustments will also be made to Trio's equity awards. The stock will begin trading on a post-split basis on November 15, under the same symbol (TPET) with a new CUSIP number.

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According to data from Benzinga Pro, TPET has a 52-week high of $0.72 and a 52-week low of $0.08.