Opendoor Technologies $537 million stock offering
Davis Polk advised the underwriter in connection with a $537 million public offering by a stockholder of Opendoor Technologies Inc. of 32,200,000 shares (which includes the exercise in full by the underwriter of its option to purchase up to 4,200,000 additional shares). The common stock is listed on the Nasdaq Global Select Market under the symbol “OPEN.”
Opendoor is a leading digital platform for residential real estate. Opendoor was founded in 2014 to make it possible to buy, sell and move at the tap of a button. Since then, Opendoor has built scalable pricing capabilities, technology-enabled centralized operations, and a suite of digital-first consumer products, to help them become the clear digital one-stop-shop for home buyers and sellers nationwide.
The Davis Polk corporate team included partner Emily Roberts and associates Benson Richards and Ganiatu Afolabi. Partner Po Sit and associate Liang Zhang provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Partner Matthew J. Bacal and associate Joshua Cameron Shirley provided intellectual property advice. Members of the Davis Polk team are based in the Northern California and New York offices.