Stockholders' Equity

9 Months Ended

Jul. 31, 2023

Stockholders' Equity

Stockholders' Equity

Note 11. Stockholders’ Equity

2022 Open Market Sale Agreement

On July 12, 2022, the Company entered into the Open Market Sale Agreement with respect to an at the market offering program under which the Company may, from time to time, offer and sell up to 95.0 million shares of the Company’s common stock. Pursuant to the Open Market Sale Agreement, the Company pays each agent a commission equal to 2.0% of the gross proceeds from each sale of shares made by such agent under the Open Market Sale Agreement. From the date of the Open Market Sale Agreement through July 31, 2023, the Company sold  approximately 60.8 million shares under the Open Market Sale Agreement at an average sale price of $2.67 per share. Of this 60.8 million shares, approximately 57.4 million shares were issued and settled on or prior to July 31, 2023 resulting in gross proceeds of approximately $155.0 million, before deducting sales commissions and fees, and net proceeds to the Company of approximately $151.2 million after deducting sales commissions and fees totaling approximately $3.8 million. During the three and nine months ended July 31, 2023, approximately 41.3 million and 42.3 million shares, respectively, were sold under the Open Market Sale Agreement at an average sale price of $2.24 per share and $2.26 per share, respectively. Of these 41.3 million and 42.3 million shares, approximately 37.9 million and 38.9 million shares were issued and settled during the three and nine months ended July 31, 2023, respectively, resulting in gross proceeds of approximately $85.1 million and $88.0 million, respectively, before deducting sales commissions and fees, and net proceeds of approximately $83.3 million and $85.9 million, respectively, after deducting sales commissions and fees totaling approximately $1.8 million and $2.1 million, respectively.

As of July 31, 2023, approximately 37.6  million shares were available for issuance under the Open Market Sale Agreement (which includes approximately 3.4 million shares that were sold on or prior to July 31, 2023 but were issued subsequent to July 31, 2023). Taking into account all of the shares sold on or prior to July 31, 2023, approximately 34.2 million shares were available for sale under the Open Market Sale Agreement as of July 31, 2023.

See Note 18. “Subsequent Events” for information regarding sales made under the Open Market Sale Agreement following the end of the quarter.