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Where can I find the warrant agreement or prospectus detailing Opendoor's warrant conversion mechanics?
Executive summary
The company filed a form of warrant agreement as an exhibit to a Form 8‑A registration statement and a prospectus supplement describing the warrants will be filed with the SEC; those SEC filings are the primary places to find the warrant agreement and prospectus supplement (Opendoor said the Form 8‑A and prospectus supplement will be available on the SEC website) [1] [2] [3]. Opendoor’s press releases and SEC 8‑K describe basic economics — three series (K, A, Z) distributed Nov. 21, 2025, exercisable for cash with strike prices reported at $9/$13/$17 and expiring Nov. 20, 2026 unless early‑expiration triggers are met — but the full mechanics are in the filed form of warrant agreement and prospectus supplement referenced in those filings [2] [4] [5].
1. Where to go first: the SEC filings that Opendoor itself cites
Opendoor’s investor materials explicitly state a form of warrant agreement was filed as an exhibit to a Form 8‑A registration statement and that a prospectus supplement describing the warrants will be filed with the SEC; the company directs readers to the SEC’s website (http://www.sec.gov) to retrieve those documents — so the Form 8‑A exhibit and the prospectus supplement on EDGAR are the authoritative sources for conversion/exercise mechanics [1] [2] [3].
2. What the press releases and media summaries already disclose
Public announcements list headline terms: three warrant series (Series K, A, Z) at a ratio of one of each series per 30 common shares; reported exercise prices of $9 (K), $13 (A) and $17 (Z); distribution on or about Nov. 21, 2025; expected trading tickers and Nasdaq listing beginning Nov. 24, 2025; and expiration on Nov. 20, 2026 unless early‑expiration (VWAP) triggers accelerate expiration. These summaries are useful for a quick read but are not substitutes for the legal prospectus or warrant agreement [2] [5] [6].
3. Why the Form 8‑A exhibit and prospectus supplement matter
The warrant agreement and prospectus supplement will specify material mechanics — how exercise is settled (cash exercise vs. net settlement), any company discretion to convert to net exercise, the detailed early‑expiration (price/VWAP) triggers, anti‑dilution adjustments, transfer restrictions, warrant agent details, and how conversion interacts with outstanding convertible securities. Opendoor’s releases note the company can change exercise method to net exercise “as provided in the warrant agreement,” showing those contract terms materially affect dilution and settlement [2] [3].
4. Secondary sources that summarize but may omit legal detail
Business wires and financial news outlets have summarized the economics and market implications (tickers, exercise prices, expiry, potential dilution estimates), and some estimate “up to ~99 million new shares” could be issued if warrants fully convert — useful for market context but not a replacement for the legal text [4] [7] [8]. Use those figures cautiously and verify against the prospectus and 8‑K/8‑A exhibits.
5. Step‑by‑step: how to retrieve the primary documents right now
1) Go to the SEC EDGAR search page and search for “Opendoor Technologies Inc.” or ticker OPEN; 2) look for a Form 8‑A filed Nov. 21, 2025 and check its exhibits for a form of warrant agreement; 3) search for a prospectus supplement tied to that 8‑A or a separate registration statement; and 4) consult any contemporaneous 8‑K or S‑1/424(b) filings for additional disclosure. Opendoor’s releases explicitly point readers to the SEC website for those items [1] [2] [3].
6. Conflicting details and limits of current reporting
Different outlets repeat the same headline terms, but reporting sometimes summarizes triggers (e.g., a 30‑day VWAP at 120% of strike) or gives dilution estimates without showing the contract language that creates those outcomes [5] [9] [8]. Available sources do not include the full warrant agreement text in the news snippets provided here; they only state it was filed as an exhibit to the Form 8‑A [2] [3]. To resolve questions about net exercise, anti‑dilution math, or conversion interactions with convertible notes you must read the actual Form 8‑A exhibit and the prospectus supplement on EDGAR.
7. Practical advice and angles to watch
If you need precise mechanics for valuation or trading decisions, download and read the Form 8‑A exhibit and prospectus supplement; if unclear, look for a related 8‑K or contact Opendoor’s investor relations for the warrant agent contact referenced in filings. Watch for the company’s right to switch to net exercise — that choice can materially reduce cash proceeds and change dilution outcomes [2] [3]. Finally, compare the legal text to media summaries and dilution estimates to spot where journalists have simplified contract complexities [4] [8].
If you want, I can: (A) pull together the specific EDGAR search links you should use based on the filings noted here, or (B) draft precise search terms and a checklist of clauses (net exercise, anti‑dilution, acceleration triggers) to extract from the Form 8‑A and prospectus supplement.