Opendoor to go public by way of Chamath Palihapitiya SPAC

Sarah Wolter

September 15, 2020

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Sarah Wolter

According to a notice associated with the transaction, Opendoor will have an enterprise value of $4.8b in the deal, including equity value of around $6.2b and around $1.5b in cash. Social Capital Hedosophia II will provide “up to” $414m in cash as part of the deal, while a private investment in public equity transaction, or PIPE, will provide another $600m.

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“This is one of many milestones towards our mission and will help us accelerate the path towards building the digital one-stop-shop to move,” Eric Wu, co-founder and CEO of Opendoor said to TechCrunch in a statement. “I am grateful for the continued support from my teammates and shareholders and most thankful for the tens of thousands – and I hope soon to be hundreds of thousands – of families, couples and individuals that trust Opendoor with the largest financial decision of their life.”

https://techcrunch.com/2020/09/15/opendoor-to-go-public-by-way-of-chamath-palihapitiya-spac/