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. [2]
- 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. [3]
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: [4]
- 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. [5]
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. [6]
Management has emphasized a refocus on software and AI‑driven operations, faster resale cycles, and improved unit economics as it works toward profitability targets. [7]
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. [8]
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. [9]
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. [10]
- Recent move: +21.5% on Nov. 10 session. [11]
What to watch next
- Nov. 13: Expected settlement of the registered direct offering tied to the notes repurchase. [12]
- Nov. 18:Record date for the warrant dividend (holders must be on record by 5:00 p.m. ET). [13]
- Week of Nov. 24:Nasdaq trading for OPENW / OPENL / OPENZ can begin the first trading day after the distribution date, subject to approval. [14]
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.
References
1. www.sec.gov, 2. www.sec.gov, 3. www.fool.com, 4. www.sec.gov, 5. www.businessinsider.com, 6. www.marketwatch.com, 7. www.marketwatch.com, 8. www.sec.gov, 9. www.businessinsider.com, 10. www.sec.gov, 11. www.fool.com, 12. www.sec.gov, 13. www.sec.gov, 14. www.sec.gov
