🔴 Opendoor Technologies is trading 6.61% down today in pre-market after $650 million convertible-notes offering

Opendoor Technologies is trading 6.61% down at $3.26 in pre-market after announcing a $650 million zero-coupon convertible-notes offering.

• The deal includes a concurrent $158 million share repurchase and capped-call transactions.
• It is intended to add $440 million of growth capital while reducing shares outstanding by approximately 5%.
• Recent Q2 results showed a $162 million net loss and revenue below analyst expectations, reinforcing concerns about profitability and funding needs.