SAN FRANCISCO, July 28, 2025 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (“Opendoor” or the “Company”) (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today announced that it intends to convene and then adjourn the Special Meeting of Stockholders (the “Special Meeting”) scheduled to occur at 9:30 a.m. Pacific Time, on Monday, July 28, 2025 until August 27, 2025. No other business will be conducted at the Special Meeting. The Special Meeting was being held to consid ...

Group 1: Opendoor Technologies Overview - Opendoor Technologies has seen its stock surge over 500% in less than a month following a hedge fund manager's public investment pitch and a price target of $82 [1][7] - The company aims to replicate Amazon's success in the housing market through iBuying, which involves buying and reselling homes online [4] - Opendoor went public via a SPAC merger in late 2020, coinciding with a period of low interest rates that later led to high inflation and increased mortgage rates [4][5] Group 2: Challenges Faced by Opendoor - The spike in mortgage rates and high home prices have severely impacted the housing market, causing significant losses for Opendoor as it struggles to sell homes profitably [5] - The iBuying business model is characterized by low margins and requires substantial capital, which has led to a depletion of the company's book value [11][13] - Opendoor's current business model has not translated into success, and it faces substantial risks in a slow housing market with affordability issues [14] Group 3: Comparison with Amazon - Amazon is considered a safer investment with a massive market capitalization of $2.4 trillion, but it lacks the same upside potential as Opendoor [8] - Analysts project Amazon's earnings to grow by an average of 21% annually over the next three to five years, potentially doubling its stock price in under four years [10] - The probability of Amazon doubling in value is deemed significantly higher than that of Opendoor achieving a 100-fold increase [11] Group 4: Future Outlook - Hedge fund manager Eric Jackson believes that Opendoor's cost-cutting measures and partnerships with agents could lead to significant upside in the coming years, similar to Carvana's turnaround [6] - Opendoor's upcoming earnings announcement on August 5 is critical; solid or improving business fundamentals are necessary to maintain investor interest and stock momentum [15]

Core Viewpoint - Opendoor Technologies Inc. is set to report its second quarter 2025 financial results on August 5, 2025, and will host a conference call to discuss these results [1][2]. Group 1: Financial Reporting - The second quarter 2025 financial results will cover the period ended June 30, 2025 [1]. - The conference call will take place at 2:00 p.m. PT (5:00 p.m. ET) on August 5, 2025 [2]. - A live webcast of the call will be available on Opendoor's investor relations website [2]. Group 2: Company Overview - Opendoor is a leading e-commerce platform for residential real estate transactions, aiming to simplify the process of buying and selling homes [3]. - The company has been operational since 2014 and serves markets across the U.S. [3]. - Opendoor's mission is to facilitate life’s progress through real estate transactions [3].

Core Viewpoint - Opendoor Technologies Inc. is seeking shareholder approval for a reverse stock split to support long-term shareholder value and maintain its Nasdaq listing [2][3]. Group 1: Company Actions - The Board of Directors has proposed a reverse stock split of common stock at a ratio between 1-for-10 and 1-for-50, with the exact ratio to be determined by the Board [2]. - The decision to implement the reverse stock split will depend on various factors, including market conditions and the trading price of the common stock [3]. Group 2: Company Background - Opendoor is a leading e-commerce platform for residential real estate transactions, aiming to provide a simple and certain way for people to buy and sell homes [5]. - The company has been operational since 2014 and currently serves markets across the United States [5]. Group 3: Upcoming Events - A Special Meeting of Stockholders is scheduled for July 28, 2025, at 9:30 a.m. Pacific Time to discuss the proposed amendments [1][4].