Opendoor Technologies Announces Completion of Convertible Notes Exchange and Issuance

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completed the exchange and issuance of $325.0 million aggregate principal amount of its 7.000% Convertible Senior Notes due 2030. The exchange involved $245.8 million principal amount of existing 0.25% Convertible Senior Notes due 2026, while $79.2 million was issued for cash. The conversion rate is initially set at 637.1050 shares of common stock per $1,000 principal amount of Notes, with adjustments possible under certain conditions. The issuance was done under exemptions from registration under the Securities Act of 1933. The Company expects net proceeds from the cash issuance to be approximately $75.3 million, which will be used for general corporate purposes.

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About Opendoor Technologies Inc.

Opendoor Technologies Inc. is a revolutionary real estate technology company specializing in the simplified buying and selling of homes. Founded in 2014, Opendoor's primary function is to streamline real estate transactions through its innovative iBuyer platform, which allows homeowners to sell their properties quickly and efficiently by receiving an offer from Opendoor within days. The company purchases homes, makes necessary repairs, and then resells them, facilitating a smoother transaction process for both buyers and sellers. Opendoor predominantly impacts the residential real estate sector, emphasizing markets in urban and suburban areas across the United States. By harnessing data analytics and a strong digital presence, Opendoor reduces the need for traditional intermediaries, making the process more cost-effective and less time-consuming. In the financial market, Opendoor Technologies Inc. plays a pivotal role by transforming the real estate landscape with technology-driven solutions, reflecting broader trends in the digitization of services. This company continues to influence the future of real estate transactions, aiming to redefine how people experience buying and selling homes.