Opendoor Announces Shareholder‑First Dividend of Tradable Warrants Aligning Shareholders and Management

SAN FRANCISCO, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Today, Opendoor Technologies Inc. (Nasdaq: OPEN) (“Opendoor” or the “Company”) announced a special dividend distribution of warrants to holders of the Company’s common stock as of 5:00 p.m. New York City time on November 18, 2025 (the “Record Date”). The goal is simple: if management gets performance-based upside, shareholders should too - these warrants help achieve that.

“To everyone who chose to be on this journey with us - thank you. You have been critical to this rebirth, and you should share in the upside just as we in management do,” said Opendoor CEO Kaz Nejatian. “Public markets have a long history of taking shareholders for granted - this program is built to reverse that.”

This program is intentionally structured as a new playbook for public-company alignment. Each registered shareholder as of the Record Date will receive three series of warrants - Series K, Series A, and Series Z - one (1) warrant of each series for every thirty (30) shares of the Company’s common stock held, rounded down to the nearest whole number. The details of these warrants are provided below and we plan for them to be listed and fully tradable. You can sell them on day one, or hold them and ride with us as we rebuild the company. Your choice. Your journey.

“Success requires a new approach and this is just our first step in rebuilding trust and being in lock-step with our shareholders,” Nejatian added. “Real alignment isn’t a slogan, it’s structural. If we win, you win - not theoretically, but practically and by design. That is how we rebuild trust. That is how we rebuild Opendoor.”

Key Highlights

• No action required, and at no cost: For every thirty (30) shares owned on the Record Date, holders receive one warrant of each series (rounded down) - Series K, A, and Z.
• Built for upside and alignment: Exercise prices are set at $9 (Series K), $13 (Series A), and $17 (Series Z), which we believe aligns value creation with performance, in lock-step with management.
• Immediate liquidity and choice: The warrants are expected to be listed on Nasdaq under the symbols OPENW, OPENL, and OPENZ (subject to approval), so holders will be able to monetize the warrant right away or hold for potential upside.
• Not dilutive at issuance: Because the warrants only convert into shares if exercised, there is no dilution today. This is a structural design choice that helps to protect current shareholders today while still enabling upside participation. If you receive a warrant and decide to sell it in the market for cash or determine not to exercise it, you may be diluted to the extent that other holders exercise any warrants.
• Balance sheet friendly: If exercised for cash, proceeds bring in growth capital to enhance flexibility to advance our strategy, accelerate our roadmap and pursue opportunistic investments while further strengthening the balance sheet.
• An investor FAQ will be available to answer mechanics and “what if” questions, which will be updated regularly to reflect questions coming in from shareholders.

Details of the Warrant Distribution