Benzinga | Sep 13, 2021 04:09PM EDT

Opendoor Technologies Announces Proposed Secondary Public Offering Of 28M Shares Of Common Stock

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.