Note 4 - Shareholders' Equity

9 Months Ended

Jun. 30, 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 through May 2025.

Settled sales under this ATM program are included in “Common stock issued” in the Condensed Consolidated Statements of Shareholders’ Equity. Also, in the second and third quarters of fiscal 2023, Spire executed forward sale agreements for 228,690 shares and 2,087,231 shares, respectively, of its common stock. The third quarter forward sales included a block sale of 1,744,549 shares which must be settled on or before December 28, 2023. All the other forward sales must be settled by the end of  September 2023. As of July 31, 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 June 30, 2023, it would have generated net proceeds of $149.7.

As of June 30, 2023, under the ATM program, Spire may sell additional shares with an aggregate offering price of up to $17.9.