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Stockholders' Equity and Warrant Liabilities
 6 Months Ended
Apr. 30, 2022
Stockholders' Equity and Warrant Liabilities  
Stockholders' Equity and Warrant Liabilities

Note 13. Stockholders’ Equity and Warrant Liabilities

Open Market Sale Agreement

On June 11, 2021, the Company entered into an Open Market Sale Agreement with Jefferies LLC and Barclays Capital Inc. (the “Agents”) with respect to an at the market offering program under which the Company may, from time to time, offer and sell shares of the Company’s common stock having an aggregate offering price of up to $500 million. Pursuant to the Open Market Sale Agreement, the Company paid the Agent making each sale a commission equal to 2.0% of the aggregate gross proceeds it received from such sale by such Agent of shares under the Open Market Sale Agreement. From the date of the Open Market Sale Agreement through April 30, 2022, approximately 64.0 million shares were sold under the Open Market Sale Agreement at an average sales price of $7.79 per share, resulting in cumulative gross proceeds of $498.1 million, before deducting expenses and sales commissions. Cumulative net proceeds to the Company totaled approximately $488.1 million after deducting commissions and offering expenses totaling approximately $10.0 million. During the three and six months ended April 30, 2022 (which periods are included in the broader period described in the preceding two sentences), approximately 19.9 million shares were sold under the Open Market Sale Agreement at an average sales price of $6.07 per share, resulting in gross proceeds of $120.8 million, before deducting expenses and sales commissions. For the three and six months ended April 30, 2022, net proceeds to the Company totaled approximately $118.3 million after deducting commissions and offering expenses totaling approximately $2.4 million. There were no sales under the Open Market Sale Agreement during the three months ended January 31, 2022.

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As of April 30, 2022, the remaining availability under the Open Market Sale Agreement totaled $1.9 million.

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Outstanding Warrants

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The following table summarizes outstanding warrant activity during the six months ended April 30, 2022:

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Series C Warrants

    

Balance as of October 31, 2021

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950,102

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Warrants issued

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—

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Warrants exercised

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—

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Balance as of April 30, 2022

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950,102

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The Series C warrants, which were issued in May 2017, had an exercise price of $19.20 per share and a term of five years (expiring in May 2022). The Series C warrants contained provisions regarding adjustments to their exercise price and the number of shares of common stock issuable upon exercise.