Opendoor postpones decision on reverse stock split after recent boom

Opendoor Technologies shareholders eagerly want to see the stock rise to $82 — a level EMJ Capital’s Eric Jackson thought it could ascend to in a few years if the business turns around — but they did not want it to get there via a reverse stock split.

Management had been planning to host a special meeting of stockholders today to allow for the approval of a reverse stock split that would enable the company to stay listed on the Nasdaq, a status it was in danger of losing after closing below $1 per share for 30 consecutive business days.

Opendoor has since closed above $1 for nine consecutive sessions amid an explosion of activity that’s seen the struggling online real estate company become a retail darling.

“For Opendoor to be back in compliance with Nasdaq listing rules, the closing price of Opendoor’s common stock must be at least $1.00 per share for a minimum of 10 consecutive business days by November 24, 2025, and Nasdaq, in its sole discretion, can extend this minimum 10-day trading period,” according to the press release. “As of today, Nasdaq has not notified the Company that it has regained compliance with Nasdaq listing requirements.”

As such, management is pushing back any decision on this matter until August 27, as the factors that catalyzed the need to shrink the share count to boost the share price may be moot.

Shares are up nearly 6% in premarket trading as of 8:15 a.m. ET.

“In light of the recent volatility in the trading of Opendoor’s common stock and the impact on its trading price, the Board believes it is in the best interests of Opendoor and its stockholders to adjourn the Special Meeting today to allow for additional time to assess market conditions and the Company’s stock price before holding the Special Meeting,” per the press release.

In an exclusive interview with Sherwood News, Jackson suggested that the cancellation of this meeting would be a positive catalyst for the stock.