Opendoor announces $650M zero-coupon convertible offering and first-ever share buyback
Opendoor announced a $650M convertible offering at 0% interest with a conversion price around $4.71, raising approximately $440M in new growth capital, and simultaneously executed its first-ever share buyback, cutting its share count by about 5% (45.3M shares). The stock fell 7.7% premarket following the announcement.
Detected & updated continuously · Source: Nebula
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@StockSavvyShay
$OPEN bought back stock for the first time in company history cutting its share count by 5% after raising $650M at a 0% coupon. CEO Kaz Nejatian says “I despise dilution” and plans to personally buy another $100K of stock as the company keeps hundreds of millions available to https://t.co/iLDcSzWZjl
@schaeffers
$OPEN -7.7% premarket after announcing a $650M convertible offering.. but the details are interesting. 🧐 → 0% interest → ~$440M new growth capital → Buying back 45.3M shares (~5%) → Conversion price ~$4.71 → No net dilution below ~$10.38 Not your TYPICAL dilutive raise. https://t.co/CTQjGKJiTT