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SAN FRANCISCO - Opendoor Technologies Inc. (NASDAQ:OPEN), whose stock has surged over 650% in the past six months according to InvestingPro data, has granted three inducement equity awards to its newly appointed Chief Executive Officer Kaz Nejatian, according to a company statement released Wednesday.
The awards include a restricted stock unit (RSU) award for 1,580,611 shares and two performance-based restricted stock unit awards, each relating to 40,886,344 shares of the company’s common stock.
The Make-Whole RSU award will fully vest on June 15, 2026, contingent on Nejatian’s continued service through that date. If Nejatian’s employment is terminated without cause, for good reason, or due to death or disability before the vesting date, the RSU award will vest immediately.
The first performance-based award will vest over five years, with 20% vesting on the first anniversary of the grant date and the remainder vesting quarterly thereafter. This vesting is subject to continued employment and achievement of an average closing stock price of at least $6.24 over a specified trading period. With the stock currently trading at $10.20 and showing high volatility (Beta: 3.11), InvestingPro subscribers can access 18 additional key insights about OPEN’s performance and valuation metrics.
The second performance-based award is divided into seven equal tranches, each requiring achievement of specific stock price hurdles ranging from $9 to $33 over a five-year performance period.
Nejatian commenced his employment on September 15, 2025. The equity grants were made under Rule 5635(c)(4) of the Nasdaq Listing Rules as an inducement for Nejatian to join the company.
Opendoor, an e-commerce platform for residential real estate transactions with a market capitalization of $7.55 billion, has been operating since 2014 and currently serves markets across the United States. For a comprehensive analysis of OPEN’s financial health and future prospects, access the detailed Pro Research Report available exclusively on InvestingPro.
In other recent news, Opendoor Technologies Inc. announced a significant leadership change as Carrie Wheeler stepped down from her role as Chief Executive Officer and Board member. Shrisha Radhakrishna has been appointed as President and interim leader, while Wheeler will remain as an advisor to the Board until the end of 2025. Additionally, Eric Feder has been elected as Lead Independent Director. In terms of investment activity, hedge funds Qube Research & Technologies and Weiss Asset Management disclosed substantial new positions in Opendoor, purchasing 12.5 million and 9.61 million shares, respectively, during the second quarter. Meanwhile, the company faced criticism from Citron Research, which released a bearish report questioning Opendoor’s business model. Investor Martin Shkreli also announced a short position in the company, describing it as "an obvious short." These developments mark a period of significant change and scrutiny for Opendoor Technologies.
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