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Stockholders' Equity
 9 Months Ended
Jul. 31, 2024
Stockholders' Equity  
Stockholders' Equity

Note 11. Stockholders’ Equity

2022 Open Market Sale Agreement and Amended Sales Agreement

On July 12, 2022, the Company entered into an Open Market Sale Agreement (the “2022 Sales 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 (each, an “Agent” and together, the “Agents”) with respect to an at the market offering program under which the Company could, from time to time, offer and sell up to 95.0 million shares of the Company’s common stock. Pursuant to the 2022 Sales Agreement, the Company was required to pay and has paid each Agent a commission equal to 2.0% of the gross proceeds from each sale of shares made by such Agent under the 2022 Sales Agreement.

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On April 10, 2024, the Company and the Agents entered into Amendment No. 1 (the “Amendment”) to the 2022 Sales Agreement (the 2022 Sales Agreement as amended by the Amendment, the “Amended Sales Agreement”), 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 $300.0 million (exclusive of any amounts previously sold under the 2022 Sales Agreement prior to its amendment). Pursuant to the Amended Sales Agreement, the Company is required to pay and has paid each Agent a commission equal to 2.0% of the gross proceeds from each sale of shares made by such Agent under the Amended Sales Agreement.

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During the three months ended July 31, 2024, approximately 95.2 million shares of the Company’s common stock were sold under the Amended Sales Agreement at an average sale price of $0.71 per share, resulting in gross proceeds of approximately $67.3 million before deducting sales commissions and fees, and net proceeds to the Company of approximately $65.9 million after deducting sales commissions totaling approximately $1.3 million and fees totaling approximately $0.1 million.

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During the nine months ended July 31, 2024, approximately 101.7 million shares of the Company’s common stock were sold under the Amended Sales Agreement at an average sale price of $0.72 per share, resulting in gross proceeds of approximately $73.6 million before deducting sales commissions and fees, and net proceeds to the Company of approximately $71.7 million after deducting sales commissions totaling approximately $1.5 million and fees totaling approximately $0.4 million.

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As of July 31, 2024, approximately $226.4 million of shares remained available for sale under the Amended Sales Agreement.

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