v3.26.1
Series B and Series B-2 Preferred Stock and Treasury Stock
9 Months Ended
Jul. 31, 2026
Temporary Equity Disclosure [Abstract]  
Series B and Series B-2 Preferred Stock and Treasury Stock Series B and Series B-2 Preferred Stock and Treasury Stock
Series B and Series B-2 Preferred Stock
In 1997, the Company designated 30,000 shares of Class B Preferred Stock as $8.75 Voting Preferred Stock, $100.00 Par Value, Series B (the “Series B Stock”). The holders of shares of Series B Stock are entitled to receive cumulative cash dividends at an annual rate of 8.75% of par value. Such dividends are payable quarterly on the first day of January, April, July and October in each year. In May 2026, the holders of the Series B Stock elected to convert 1,479 shares of Series B Stock into 18,488 common shares.
In 2014, the Company designated 10,000 shares of Class B Preferred Stock as 4% Voting Preferred Stock, $100.00 Par Value, Series B-2 (“Series B-2 Preferred Stock”). The holder of shares of the Series B-2 Preferred Stock is entitled to receive cumulative cash dividends at an annual rate of 4% of the liquidation value of $1,000 per share. Such dividends are payable quarterly on the first day of January, April, July and October in each year.
On March 23, 2026, the Board of Directors paused regular cash dividends on the Company’s outstanding common stock, as well as dividends on the Series B Stock and Series B-2 Preferred Stock. As of July 31, 2026, (i) 13,311 shares of Series B Stock and 9,300 shares of Series B-2 Preferred Stock were issued and outstanding; (ii) the dividend arrearages on Series B Stock were $4.38 per share, representing an aggregate allocation of $58,000; and (iii) the dividend arrearages on Series B-2 Preferred Stock were $20.00 per share, representing an aggregate allocation of $186,000.
18. Series B and Series B-2 Preferred Stock and Treasury Stock (continued)
Treasury Stock Share Repurchase Program
In March 2025, the Company’s Board of Directors approved a share repurchase program authorizing the Company to purchase up to $30,000,000 of its shares of outstanding common stock. The share repurchase program may be modified, suspended or discontinued at any time and does not commit the Company to repurchase any shares. No shares have been repurchased under this program as of July 31, 2026.