Opendoor Technologies Inc. (NASDAQ: OPEN) is back in the spotlight today after CEO Kaz (Kasra) Nejatian disclosed the open‑market purchase of 125,000 shares—about $1.0 million—ahead of next week’s special warrant dividend. The insider buy, recorded in a Form 4 filed this morning, adds to the stock’s momentum following Monday’s 21% surge. 1
What happened today
- Insider purchase: Nejatian bought 125,000 OPEN shares on Nov. 11 at a weighted‑average price of $8.0365, bringing his direct holdings to ~83.48 million shares. The transaction and totals are detailed in the CEO’s SEC Form 4 filed Nov. 12. 1
- Stock check: As of 14:26 UTC, OPEN traded around $8.48 intraday, modestly higher as investors digested the filing and looked ahead to the warrant distribution. (See live chart above.)
- Context: The insider buy follows Monday’s outsized move (+21.5%) that came in the wake of last week’s earnings and a novel warrant dividend plan that has energized Opendoor’s retail investor base. 2
The warrant dividend: key facts & dates investors need to know
Opendoor’s special dividend of tradable warrants remains the near‑term catalyst. Official details from the company’s Form 8‑K and shareholder FAQ: 3
- Record date:Nov. 18, 2025 (5:00 p.m. New York time).
- Distribution date:On or about Nov. 21, 2025.
- Ratio:1 warrant of each series (K, A, Z) for every 30 common shares held (rounded down).
- Exercise prices:$9 (Series K), $13 (Series A), $17 (Series Z).
- Expected tickers:OPENW (K), OPENL (A), OPENZ (Z) on Nasdaq.
- Expiry:On or about Nov. 20, 2026, with early‑expiration triggers if the stock trades above preset thresholds for a sustained period.
Why it matters: issuing tradable warrants to existing holders can reward long‑term shareholders and, in the near term, complicate short positions that must account for the warrant entitlement—one reason cited for recent volatility. 4
Earnings & operating backdrop
Opendoor reported Q3 2025 revenue of ~$915 million and a GAAP net loss of ~$90 million last week. Shares initially fell after hours but quickly reversed as investors focused on the new strategy and capital actions. 5
Management has emphasized a refocus on software and AI‑driven operations, faster resale cycles, and improved unit economics as it works toward profitability targets. 5
Capital moves you should know about
Alongside the warrant plan, Opendoor entered into a registered direct equity offering on Nov. 6 (T+5 settlement expected Nov. 13). Net proceeds are being used to repurchase approximately $264 million principal amount of its 2030 convertible notes; the company does not expect a material change to cash after these cross‑conditional transactions. 3
Market color: positioning & sentiment
Opendoor remains a heavily shorted name—part of the bull/bear tug‑of‑war that has amplified moves. The planned warrant distribution has been framed by some as adding complexity for shorts, potentially encouraging short covering into the record date. 4
By the numbers (Nov 12, 2025)
- Price (intraday): ~$8.48 (14:26 UTC)
- Insider buy: 125,000 shares @ $8.0365; ~$1.0M total; 83.48M shares now held directly by CEO. 1
- Recent move: +21.5% on Nov. 10 session. 2
What to watch next
- Nov. 13: Expected settlement of the registered direct offering tied to the notes repurchase. 3
- Nov. 18:Record date for the warrant dividend (holders must be on record by 5:00 p.m. ET). 3
- Week of Nov. 24:Nasdaq trading for OPENW / OPENL / OPENZ can begin the first trading day after the distribution date, subject to approval. 3
Editorial note
This article focuses on news dated today (Nov 12, 2025)—notably the CEO’s Form 4 purchase—and the immediate catalysts affecting Opendoor shares. As always, this coverage is for informational purposes only and not investment advice.
