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Opendoor might go public via merger with Social Capital II

by Greg Robertson on September 11th, 2020

Report: One of Social Capital’s newest blank-check companies is looking to reverse merge with Opendoor

“According to a new report in Bloomberg, Opendoor, the San Francisco-based company that aims to help people buy and sell homes with the “push of a button,” is in advanced talks to go public through a merger with Social Capital Hedosophia Holdings Corp. II.
The outlet says the blank-check company, which raised $360 million in April and is led by Palihapitiya, is “discussing raising fresh equity to help fund the transaction with prospective investors,” and that the combined company would be valued at around $5 billion in the deal.”

Never heard of a “blank-check” company” before. But this move makes sense. Opendoor has a concept that people can easily understand, people also understand that real estate is hot and seems to not only be “pandemic proof”, but thrive. Opendoor’s concept of buying a home “at the push of a button” seems to be a perfect model for the current environment.

This also gives Opendoor an easier way to go public (and quickly) to raise the necessary capital they need to execute on their vision.

From → iBuyer, Opendoor

One Comment
  1. Makes sense to me. There is a lot going on in the real estate and mortgage industry, and somethings barely get a whimper…I always thought you were a “Blank Check Company!”

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