Stockholders' Equity

6 Months Ended

Apr. 30, 2023

Stockholders' Equity

Stockholders' Equity

Note 11. Stockholders’ Equity

2022 Open Market Sale Agreement

On July 12, 2022, the Company entered into an Open Market Sale Agreement with Jefferies LLC, B. Riley Securities, Inc., Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., Canaccord Genuity LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Loop Capital Markets LLC (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 April 30, 2023, the Company sold approximately 19.4 million shares under the Open Market Sale Agreement at an average sale price of $3.60 per share, resulting in gross proceeds of approximately $70.0 million, before deducting sales commissions and fees, and net proceeds to the Company of approximately $68.0 million after deducting commissions and fees totaling approximately $2.0 million. During the three and six months ended April 30, 2023, approximately 0.9 million shares were sold under the Open Market Sale Agreement at an average sale price of $3.02 per share, resulting in gross proceeds of approximately $2.9 million before deducting commissions and fees, and net proceeds of $2.7 million after deducting commissions and fees totaling approximately $0.2 million.

As of April 30, 2023, approximately 75.6 million shares were available for issuance under the Open Market Sale Agreement.