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Opendoor Series K warrant early-expiration condition triggers before 2026-11-20 expiry
Will Opendoor's Series K warrants (OPENW, $9.00 exercise price) satisfy the Early Expiration Price Condition under the 2025 Warrant Agreement -- daily VWAP of OPEN common at or above $10.80 (120% of exercise price) on 20 trading days within any 30 consecutive VWAP trading day period -- on or before 5:00pm New York time, November 20, 2026?
premise not yet verified
EHIQ
5%
Market
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Edge
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Thesis
Stamped 2026-08-05 with OPEN common around $3.79. Reaching $10.80 requires roughly a 185% move AND sustaining it across 20 of 30 trading days, which is materially stricter than touching the level. Logged primarily to date-stamp the MECHANISM, which is the distinctive claim and is not in general circulation: (1) strength ACCELERATES these warrants rather than extending them, contrary to the common assumption; (2) to avoid automatic acceleration the company must issue a public press release reserving the right to set an Alternate Expiration Date no later than the 5th qualifying trading day in the window -- a dated, public, observable tell; (3) management may extend the Expiration Date or cut the exercise price unilaterally under Section 4.06(a)(iii)-(iv), with no holder consent. CONDITIONAL FOLLOW-ON, to be stamped separately if and when the trigger fires: does the reserving press release appear within 5 qualifying trading days.
- 1.Series K OPENW $9.00 strike, 33,093,123 outstanding; trigger $10.80
- 2.Series A OPENL $13.00 strike, 33,097,431 outstanding; trigger $15.60
- 3.Series Z OPENZ $17.00 strike, 33,097,536 outstanding; trigger $20.40
- 4.All three expire 5:00pm NY 2026-11-20 absent acceleration or amendment
- 5.Full exercise of all series would remit roughly $1.29B to the company
- 6.Warrants do NOT auto-exercise; in-the-money-and-unexercised returns zero (10-K risk factors)
- 7.Sources: 2025 Warrant Agreement Ex.4.1 to 8-K 2025-11-21; FY2025 10-K; Q2 2026 10-Q
Opened
August 5, 2026
Expected resolution
November 20, 2026