Real estate tech company Opendoor Technologies (OPEN) has filed to issue 180.58 million shares of common stock at $6.56 per share. This is part of the company’s strategy to swap debt for equity and strengthen its balance sheet.
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The offering is tied to a Registered Direct Offering (RDO) and a Convertible Notes Repurchase (CNR). Opendoor plans to use the proceeds to repurchase about $264 million in principal of its 7.00% Convertible Senior Notes due 2030.
While the share offering dilutes existing shareholders, it reflects OPEN’s efforts to deleverage and reposition the company for long-term sustainability.
In addition to the share offering, Opendoor also announced a shareholder dividend of tradable warrants distributed on a 1-for-30 basis to shareholders of record on November 18, 2025.
Offering Follows Opendoor’s Q3 Results
This move comes just after Opendoor reported its Q3 earnings, delivering $915 million in revenue and a net loss of $90 million. The company sold 2,568 homes and ended the quarter with over $1 billion in inventory.
Under new CEO Kaz Nejatian, Opendoor is shifting toward a leaner, software-driven model, cutting consultant reliance and launching AI-powered tools to streamline home transactions.
Is OPEN Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Sell consensus rating on OPEN stock based on one Buy, one Hold, and three Sells assigned in the past three months. Further, the average Opendoor stock price target of $2.18 per share implies 65.62% downside risk.
