Please summarize the exact warrant agreement triggers and sample payoffs under a few stock‑price scenarios using only the cited filings for the OPEN stock

1. What exactly was distributed and who got it

Opendoor issued three separate warrant series—K, A and Z—and gave registered holders and certain convertible noteholders one of each warrant for every thirty ^[4] shares of common stock held as of 5:00 p.m. New York time on Nov. 18, 2025; the company distributed the warrants on or about Nov. 21, 2025 ^{[5] [6] [2]}.

2. Key economic terms from the filings

Each Series K warrant entitles the holder to buy one share at $9.00, Series A at $13.00 and Series Z at $17.00; the warrants are exercisable for cash on and following the Distribution Date and have a contractual expiration at 5:00 p.m. New York time on Nov. 20, 2026 unless an early‑expiration trigger is met ^{[1] [7] [8]}.

3. The Early Expiration Price Condition — the trigger that can accelerate expiry

The company set an “Early Expiration Trigger Price” initially equal to 120% of each series’ exercise price (so roughly $10.80 for K, $15.60 for A and $20.40 for Z) and said that trigger is subject to adjustment under the warrant agreement; if the Early Expiration Price Condition for a series is satisfied as described in the warrant agreement the expiration for that series will be automatically accelerated ^{[1] [8]}. The filings note the company will announce any early expiration by press release and may elect a later expiration date per the agreement ^[8].

4. Exercise mechanics and company’s optional net exercise

The warrants are exercisable for cash in accordance with the warrant agreement, but Opendoor may elect to change the exercise method to a net exercise (settlement in shares rather than cash) as permitted by the warrant agreement; the Form 8‑A and related prospectus/filings disclose this flexibility ^{[9] [7] [6]}.

5. How to think about payoffs at different stock prices (per single warrant)

• If stock price at exercise (or early expiry notice) is below the warrant’s exercise price: the warrant is out‑of‑the‑money and has zero intrinsic value on a cash exercise (you would not pay exercise price to buy at a higher price) ^[1].
• If stock price is above exercise price: intrinsic value ≈ (Stock Price − Exercise Price) per warrant on cash exercise (so K yields Stock − $9, A yields Stock − $13, Z yields Stock − $17) ^{[1] [8]}.
• If the company elects net exercise, the actual share/ cash settlement could be less dilutive and result in receiving a net number of shares (or cash equivalent) per the warrant agreement; the filings state the company can change to net exercise as provided in the agreement ^{[9] [7]}.

6. Sample scenarios — three concise examples (per single warrant, using the filings’ exercise prices)

• Low price scenario (Stock = $8): All three are out‑of‑the‑money; intrinsic value = $0 for K/A/Z on cash exercise ^[1].
• Moderate upside (Stock = $14): Series K intrinsic ≈ $5 (14 − 9); Series A ≈ $1 (14 − 13); Series Z ≈ $0 (14 < 17). If any series’ VWAP trigger (see section 3) is not met, holders can still exercise until Nov. 20, 2026 ^{[1] [8]}.
• Strong rally (Stock = $22): Series K intrinsic ≈ $13; Series A ≈ $9; Series Z ≈ $5. Note that if stock exceeds the Early Expiration Trigger Price (initially 120% of exercise price) for the applicable measurement (as defined in the warrant agreement), that series’ expiration could be accelerated before Nov. 20, 2026 ^{[1] [8]}.

7. Dilution and practical holder economics (context from filings)

Holders received one of each series per 30 shares (rounded down), so the number of warrants per shareholder is modest relative to share count; the company also registered the warrants and expects them to trade on Nasdaq under OPENW, OPENL and OPENZ—so holders can sell the warrants rather than exercise ^{[5] [1] [8]}. The Form 8‑A and 8‑K filings note the company cannot predict market effects from the distribution and reserve procedural rights ^[3].

8. Limitations, open items and what the filings don’t say

The press releases and Form 8‑A/8‑K provide the exercise prices, distribution ratio, expiry and that the Early Expiration Trigger Price initially equals 120% of exercise price, but specific VWAP measurement periods, precise adjustment rules for the trigger, exact net‑exercise formula and other operational details are governed by the warrant agreement filed as an exhibit; available sources say a form of the warrant agreement was filed with the SEC on Nov. 21, 2025 but do not print the full settlement formula or all adjustment mechanics in these summaries ^{[9] [7] [3]}.

References: Opendoor press releases and SEC filings referenced above ^{[5] [1] [9] [7] [6] [8] [2] [3]}.