Latham & Watkins Advises Opendoor Technologies on Registered Direct Offering and $264 Million Convertible Notes Repurchase

"Latham & Watkins represented Opendoor Technologies Inc. in a registered direct offering of 180,580,200 common shares at $6.56 per share and concurrent privately negotiated repurchases of approximately $264 million principal amount of 2030 convertible notes for an aggregate repurchase price of about $1.2 billion, funded with the offering's net proceeds."

Latham & Watkins LLP represented Opendoor Technologies Inc. in a financing transaction that combined a registered direct offering of common stock with concurrent privately negotiated repurchases of convertible notes. Opendoor Technologies Inc. entered into share purchase agreements with a limited number of purchasers providing for the issuance and sale of an aggregate of 180,580,200 shares of common stock at a price of US$6.56 per share. The shares were offered in a registered direct offering pursuant to the company’s effective shelf registration statement and a related prospectus supplement. Concurrently with the registered direct offering, Opendoor entered into separate, privately negotiated transactions with the purchasers under which it agreed to repurchase an aggregate of approximately US$264 million principal amount of its 2030 Convertible Notes for an aggregate repurchase price of approximately US$1.2 billion. The company repurchased the convertible notes using the net proceeds from the registered direct offering. Latham & Watkins LLP represented Opendoor Technologies Inc. with a corporate team composed by: partners Reza Mojtabaee-Zamani, Ross McAloon, and Haim Zaltzman; and associates Shawn Noh, Rachel Staub, Haiying (Henry) Lin, and Tony Noh.

Latham & Watkins Advises Opendoor Technologies on Registered Direct Offering and $264 Million Convertible Notes Repurchase

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