Latham & Watkins Advises Leading Real Estate Technology Company Opendoor Technologies Inc. in Registered Direct Offering and US$264 Million Convertible Notes Transaction

Opendoor Technologies Inc. announced it entered into share purchase agreements with a limited number of purchasers, providing for the issuance and sale by the company of an aggregate of 180,580,200 shares of common stock at a price of US$6.56 per share. The shares of common stock were offered in a registered direct offering pursuant to the company’s effective shelf registration statement and a related prospectus supplement (the Registered Direct Offering).

Concurrently with the Registered Direct Offering, the company entered into separate, privately negotiated transactions with the purchasers, pursuant to which the company agreed to repurchase an aggregate of approximately US$264 million principal amount of 2030 Convertible Notes for an aggregate repurchase price of approximately US$1.2 billion, which the company repurchased using the net proceeds from the Registered Direct Offering.

Latham & Watkins LLP represented Opendoor in the transaction with a corporate team led by partners Reza Mojtabaee-Zamani, Ross McAloon, and Haim Zaltzman, with associates Shawn Noh, Rachel Staub, Haiying (Henry) Lin, and Tony Noh.