OPEN Form 144 Shows Large Affiliate Sales and New 13.66M-Share Notice

Rhea-AI Filing Summary

Opendoor Technologies, Inc. (OPEN) Form 144 reports a proposed sale of 13,656,898 shares of common stock to be executed on 09/23/2025 via Nasdaq, with an aggregate market value of approximately $96,827,406.80. The filing lists Tourmaline Partners, LLC as the broker.

The filer discloses acquisition sources and dates for the shares, including a private placement and conversions during December 2020 and multiple purchases and a secondary offering in August–September 2021. The filing also reports two recent sales by AI LiquidRE LLC on 09/12/2025 and 09/22/2025 with gross proceeds of about $100.0M and $99.8M, respectively. The notice includes the statutory representation that no undisclosed material adverse information is known to the seller.

Positive

• None.

Negative

• Large proposed sale of 13,656,898 shares (~$96.8M) could add near-term supply to the market
• Two recent large sales (09/12/2025 and 09/22/2025) by AI LiquidRE LLC generated combined gross proceeds near $199.8M, indicating notable affiliate selling activity

Insights

Securities Analyst

TL;DR: Significant insider/affiliate sales increase share supply and may pressure near-term share price.

The Form 144 shows a proposed sale of 13.66 million OPEN shares (~$96.8M) and two recent large sales by an affiliated seller with combined gross proceeds near $199.8M. These are sizable transactions in absolute dollar terms and signal meaningful liquidity provided by insiders/affiliates. While the filing does not state intent beyond Rule 144 compliance, multiple large transactions in close succession can be interpreted by the market as increased selling pressure. No forward-looking guidance or operational details are provided to offset the sales.

Corporate Governance Expert

TL;DR: Routine Rule 144 disclosure; documentation of acquisition sources is complete and compliant.

The filing itemizes acquisition dates and payment methods for the securities to be sold, including private placement, business combination conversion, and secondary offering proceeds. Required attestations are present. From a disclosure and compliance standpoint, the notice appears to include the necessary transactional history and the seller's representation regarding material non-public information. The form does not provide corporate governance actions or management changes.

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	13656898	96827406.8	742119598	09/23/2025	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
AI LiquidRE LLC Access Industries, Inc. 40 West 57th St, 28th Floor New York NY 10019	Common Stock	09/22/2025	11355200	99821292.16

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 shares does the Form 144 for OPEN propose to sell?

The notice proposes sale of 13,656,898 shares of Opendoor common stock on 09/23/2025 with an aggregate market value of about $96,827,406.80.

Who is the broker named in the Form 144 for OPEN?

The broker listed is Tourmaline Partners, LLC located at 680 Washington Boulevard, Stamford, CT.

Were there recent sales of OPEN stock by related parties before this filing?

Yes. The filing reports sales by AI LiquidRE LLC on 09/12/2025 (10,874,000 shares; gross proceeds ~$100,014,702.40) and 09/22/2025 (11,355,200 shares; gross proceeds ~$99,821,292.16).

What acquisition sources are disclosed for the shares to be sold?

Acquisition sources include a 12/18/2020 private placement, a 12/18/2020 business combination conversion, multiple cash purchases in August 2021, and a 09/14/2021 secondary public offering.

Does the filing state any undisclosed material information about Opendoor?

The signer represents that they do not know any material adverse information about the issuer that has not been publicly disclosed; no additional material information is provided in the filing.