Opendoor raises $650M 0% convertible notes, repurchases 45.3M shares (5% of float)

Opendoor Technologies Inc.

$650M 0% convertible senior notes due 2030; initial conversion price $4.71 (35% premium to $3.49 close).
Concurrent $158M buyback of 45.3M shares at $3.49, first-ever repurchase, ~5% of shares outstanding.
Capped calls at $6.98 cap; net proceeds ~$440M for growth; no net share issuance until $10.38/share.
Notes mature Aug 15, 2030; redeemable after Feb 22, 2029 if stock >130% of conversion price.
JWCA placement agent; expected close Aug 19, 2026.

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