Opendoor Technologies Inc. Announces Proposed Secondary Public Offering of Common Stock by Selling Stockholder
September 13 2021 - 4:07PM
Opendoor Technologies Inc. (Nasdaq: OPEN) (“Opendoor”), a leading
digital platform for residential real estate, today announced the
commencement, subject to market and other conditions, of a proposed
registered secondary public offering of 28,000,000 shares of common
stock by an existing stockholder of Opendoor (the “Selling
Stockholder”). The underwriter will have a 30-day option to
purchase up to an additional 4,200,000 shares of common stock from
the Selling Stockholder. Opendoor is not selling any shares and
will not receive any proceeds from the proposed offering. The
proposed offering will not change the number of shares of common
stock that are currently outstanding.
Citigroup Global Markets Inc. is acting as sole
book-running manager for the proposed offering. Citigroup proposes
to offer the shares of common stock for sale from time to time in
one or more transactions on The Nasdaq Global Select Market, in the
over-the-counter market, through negotiated transactions or
otherwise at market prices prevailing at the time of sale, at
prices related to prevailing market prices or at negotiated prices,
subject to receipt and acceptance by them and subject to their
right to reject any order in whole or in part.
The offering is being made only by means of a
prospectus supplement and accompanying base prospectus. Opendoor
has filed a registration statement (including a base prospectus)
which has been declared effective by the Securities and Exchange
Commission (“SEC”) and has also filed a preliminary prospectus
supplement with the SEC for the offering to which this
communication relates and will file a final prospectus supplement
relating to the offering. Prospective investors should read the
prospectus supplement and base prospectus in that registration
statement and other documents Opendoor has filed with the SEC for
more complete information about Opendoor and the proposed offering.
You may obtain these documents for free by visiting EDGAR on the
SEC’s website at www.sec.gov. Alternatively, copies of the
preliminary prospectus supplement and the accompanying base
prospectus for the offering may be obtained by contacting:
Citigroup Global Markets Inc., c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, New York 11717, by telephone at
(800) 831-9146 or by email at prospectus@citi.com.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities and
shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of that jurisdiction. Any offers, solicitations or
offers to buy, or any sales of securities will be made in
accordance with the registration requirements of the Securities Act
of 1933, as amended.
About Opendoor
Opendoor’s mission is to empower everyone with
the freedom to move. Since 2014, Opendoor has provided people
across the U.S. with a radically simple way to buy, sell or
trade-in a home online. Opendoor currently operates in a growing
number of markets across the U.S.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended. Such forward-looking statements are
based on Opendoor’s beliefs and assumptions and on information
currently available to it on the date of this press release.
Forward-looking statements may involve known and unknown risks,
uncertainties and other factors that may cause Opendoor’s actual
results, performance or achievements to be materially different
from those expressed or implied by the forward-looking statements.
Such forward-looking statements include, among other things,
statements regarding the timing, size and completion of the
proposed secondary offering of common stock. The forward-looking
statements contained herein are based upon Opendoor’s current
expectations and involve assumptions that may never materialize or
may prove to be incorrect. Actual results could differ materially
from those projected in any forward-looking statements due to
numerous risks and uncertainties, including, but not limited, to
risks and uncertainties related to market conditions and
satisfaction of customary closing conditions related to the
proposed secondary offering, and other risks. Except to the extent
required by law, Opendoor undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist
after the date on which they were made.
Contact Information
Investors:Elise
WangOpendoorinvestors@opendoor.com
Media:Sheila Tran / Charles
StewartOpendoorpress@opendoor.com
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