Opendoor Technologies in the separation of its Mainstay business and associated equity financing

On August 1, 2024, Opendoor Technologies Inc. (Nasdaq: OPEN), announced that its Mainstay business—a comprehensive market intelligence and transaction platform for the single-family rental industry—has become an independent company in conjunction with an outside equity investment led by Khosla Ventures with participation from Inspired Capital and other investors, marking the separation of Mainstay from Opendoor, a leading e-commerce platform for residential real estate transactions. Opendoor will retain less than 50% ownership in Mainstay on a fully-diluted basis but will continue to be the largest shareholder.

Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Opendoor Technologies Inc.