Opendoor (OPEN) Form 144: Insider Sold 10.87M Shares, Plans 11.36M Sale

Rhea-AI Filing Summary

Opendoor Technologies, Inc. (OPEN) Form 144 notice shows a proposed sale of 11,355,200 shares of common stock to be executed on 09/22/2025 on Nasdaq with an aggregate market value of $95,156,576. The filing lists the seller's acquisition history for those shares, including private placement purchases and conversion of equity from Opendoor Labs, with acquisition dates from 12/18/2020 through 09/14/2021. It reports 742,119,598 shares outstanding, and discloses a related sale on 09/12/2025 of 10,874,000 shares that generated $100,014,702.40 in gross proceeds. The filer certifies no undisclosed material adverse information.

Positive

• None.

Negative

• Proposed sale of 11,355,200 shares with aggregate market value of $95,156,576 scheduled for 09/22/2025
• Recent sale on 09/12/2025 of 10,874,000 shares generating $100,014,702.40, increasing near-term share supply
• Combined size of recent and proposed sales represents roughly ~3.0% of outstanding shares (based on 742,119,598 shares outstanding)

Insights

Securities Analyst

TL;DR Large insider-related selling is disclosed: proposed 11.36M-share sale and a recent 10.874M-share sale, representing meaningful supply.

The Form 144 identifies a proposed block sale of 11,355,200 common shares with an aggregate market value of $95,156,576 and notes a prior sale of 10,874,000 shares for roughly $100.0M. Against 742.12M shares outstanding, the proposed sale equals about 1.53% of outstanding shares and the recent sale about 1.46%. Such disclosed liquidity events can increase near-term share supply and merit attention from traders assessing short-term pressure, but the filing does not state any undisclosed operational issues.

Corporate Governance Expert

TL;DR The filing documents routine Rule 144 compliance and provides provenance for the shares being sold.

The tables show the chain of acquisition—private placement purchases, conversion of Opendoor Labs equity, secondary offering purchases—and specify payment methods (cash or conversion). The filer attests there is no undisclosed material adverse information and includes required disclosures for recent sales. This demonstrates procedural compliance with Rule 144, though it signals significant insider-related supply entering the market.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Stock	Tourmaline Partners, LLC 680 Washington Boulevard 10th Floor Stamford CT 06901	11355200	95156576	742119598	09/22/2025	Nasdaq

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Stock	12/18/2020	Purchase of Common Stock in Issuer Private Placement	Issuer			2500000	12/18/2020	Cash
Common Stock	12/18/2020	Business Combination	Issuer			32139442	12/18/2020	Conversion of Equity Interest of Opendoor Labs Inc.
Common Stock	08/19/2021	Purchase of Common Stock	Issuer			5213745	08/19/2021	Cash
Common Stock	08/20/2021	Purchase of Common Stock	Issuer			2934442	08/20/2021	Cash
Common Stock	08/23/2021	Purchase of Common Stock	Issuer			2327465	08/23/2021	Cash
Common Stock	08/24/2021	Purchase of Common Stock	Issuer			2418107	08/24/2021	Cash
Common Stock	09/14/2021	Secondary Public Offering of Common Stock	Issuer			5991611	09/14/2021	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
AI LiquidRE LLC Access Industries, Inc. 40 West 57th St, 28th Floor New York NY 10019	Common Stock	09/12/2025	10874000	100014702.40

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the Form 144 for OPEN disclose about the proposed sale?

The filing discloses a proposed sale of 11,355,200 common shares on 09/22/2025 on Nasdaq with an aggregate market value of $95,156,576.

How many shares does Opendoor have outstanding according to the filing?

The Form 144 reports 742,119,598 shares outstanding.

Were any recent sales of OPEN shares reported in the filing?

Yes. A sale on 09/12/2025 of 10,874,000 shares produced gross proceeds of $100,014,702.40.

What is the origin of the shares to be sold?

The filing lists acquisitions from 12/18/2020 through 09/14/2021, including private placement purchases, a business combination conversion, and purchases in a secondary public offering.

Does the filer state any undisclosed adverse information?

The filer represents by signature that they do not know any material adverse information about the issuer that has not been publicly disclosed.