Opendoor (OPEN) Stock Raises $650M in Convertible Notes and Buys Back 5% of Stock
TLDR
- Opendoor Technologies raised $650 million through 0% coupon convertible senior notes due 2030.
- The company repurchased approximately 45.3 million shares at $3.49 per share, totaling $158 million.
- This is the first share buyback in Opendoorโs history as a public company.
- After costs, Opendoor adds roughly $440 million to its balance sheet.
- No net share issuance is expected unless the stock exceeds $10.38 per share.
Opendoor Technologies $OPEN announced a $650 million offering of 0% convertible senior notes due 2030 on August 13, 2026. The stock was trading at $3.49 on August 12, the day before the announcement, and slipped 2.51% following the news.
Opendoor Technologies Inc., OPEN
The notes carry no regular interest and mature on August 15, 2030. They are senior, unsecured obligations.
The initial conversion rate is set at 212.2466 shares per $1,000 principal amount. That works out to a conversion price of roughly $4.71 per share, a 35% premium over the August 12 closing price.
Alongside the debt raise, Opendoor repurchased around 45.3 million shares at $3.49 each, totaling $158 million. This represents 5% of shares outstanding as of July 28, 2026.
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