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Opendoor's stock drops after secondary share offering priced

Dow Jones2021-09-14

MW Opendoor's stock drops after secondary share offering priced

Shares of Opendoor Technologies Inc. $(OPEN.UK)$ slumped 5.5% in premarket trading, after the online home buying, selling and trading-in company said its secondary offering of shares has priced. The company said late Monday that a selling stockholder was offering 28.0 million shares to the public, and has granted the underwriters of the offering options to buy up to an additional 4.2 million shares to cover over-allotments. The company did in its press release Tuesday that the offering had priced, but did not say what that price was. Based on Monday's stock closing price of $17.76, the offering could be valued at $497.3 million, or at $571.9 million if underwriters exercise all options to buy additional shares. The offering, excluding the options for additional shares, represents about 4.6% of the total shares outstanding. Opendoor's stock has dropped 21.9% year to date through Monday, while the S&P 500 has gained 19.0%.

-Tomi Kilgore

$(END)$ Dow Jones Newswires

September 14, 2021 07:45 ET (11:45 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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李欧8886
·2021-09-23
繼續持有
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XIN90
·2021-09-14
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