The iBuyer has been struggling to get its footing since 2022 despite replacing its CEO and working to build partnerships with agents and brokerages.
In a May 30 SEC filing, Opendoor disclosed it had received a warning from NASDAQ after its share price failed to crest the $1 mark for 30 consecutive business days.
Companies that cannot maintain a minimum share price of $1 risk being delisted from the exchange. Opendoor shares have closed below the minimum since mid-April and sat at $0.65 at the end of trading on May 30.
A familiar situation: Opendoor isn’t the first iBuyer to find itself in this position. Offerpad received a similar warning from the New York Stock Exchange in November 2022, opting to implement a reverse stock split the following June to remedy the problem. Recently, however, Offerpad’s stock has dipped back below $1.
A challenging sector: Both Opendoor and Offerpad launched…
