Note 4 - Shareholders' Equity

6 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Equity [Text Block]

4. SHAREHOLDERS’ EQUITY

ATM Program

On February 6, 2019, Spire entered into an “at-the-market” (ATM) equity distribution agreement, supplemented as of May 14, 2019, pursuant to which the Company may offer and sell, from time to time, shares of its common stock (including shares of common stock that may be sold pursuant to forward sale agreements entered into in connection with the ATM equity distribution agreement). On April 28, 2022, Spire's board approved a new authorization for the sale of additional shares with an aggregate offering price of up to $200.0 with a prospectus supplement dated May 9, 2022.

Settled sales under this ATM program are included in “Common stock issued” in the Condensed Consolidated Statements of Shareholders’ Equity. Also, in the second quarter of fiscal 2023, Spire executed forward sale agreements for 228,690 shares of its common stock, which must be settled on or before September 28, 2023. No shares of common stock have been settled under the forward sale agreements. Had all shares under the forward agreements been settled as of March 31, 2023, it would have generated net proceeds of $16.0.

As of March 31, 2023, under the ATM program, Spire may sell additional shares with an aggregate offering price of up to $152.8 under the current Board of Directors authorization expiring May 2025.