Opendoor Finalizes $650M Convertible Note Offering with 35% Conversion Premium
OPEN sits 16% above its 52-week low of $3.06.
Summary
Opendoor closed its $650M convertible note offering with a 35% conversion premium and repurchased $158M of shares, finalizing the previously announced financing.
Key Events · Financing and Capital Events · OPEN
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Convertible Note Offering Closed
On August 19, 2026, the company issued $650 million of 0.00% Convertible Senior Notes due 2030, completing the previously announced transaction.
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Conversion Terms Set
The initial conversion rate is 212.2466 shares per $1,000 principal, equivalent to a conversion price of approximately $4.71 per share—a 35% premium over the August 12, 2026 closing price of $3.49.
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Capped Call Transactions
To reduce potential dilution upon conversion, the company entered into capped call transactions with a cap price of $6.98 per share (100% premium) at a cost of approximately $52.5 million.
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Share Repurchases
On August 17, 2026, the company repurchased approximately $158 million of common stock, and J. Wood Capital Advisors LLC purchased approximately $25 million of shares at a discount.
Analysis · OPEN · Real Estate & Construction
The $650 million zero-coupon convertible note offering is now complete, with final terms setting a conversion price of $4.71 per share—a 35% premium to the August 12 closing price. To mitigate potential dilution, the company spent $52.5 million on capped call transactions and repurchased $158 million of stock. While the capital raise strengthens the balance sheet, it introduces significant potential share overhang if the stock appreciates above the conversion price.
How filings like this one have moved
In the 30 days to Aug 22, 2026, 37.5% of the 3496 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, OPEN was trading at $3.55 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $3.5B. The 52-week trading range was $3.06 to $10.87. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.