Opendoor Delays Reverse Stock Split Vote Amid Recent Rally

Opendoor Technologies has delayed its shareholder vote on a reverse stock split after a recent rally pushed its stock up, easing pressure from Nasdaq's $1 listing rule. The vote has been rescheduled for August 27, 2025.

Opendoor Technologies Inc., the home-flipping company turned meme stock, has postponed its shareholder vote on a reverse stock split following a recent surge in its stock price. The company had initially scheduled a special meeting for July 28, 2025, to approve the reverse stock split, which would have helped it maintain its listing on the Nasdaq exchange [1].

Opendoor's stock price had been under pressure, closing below $1 per share for 30 consecutive business days, which put it at risk of being delisted by Nasdaq. However, a recent rally in the stock price, driven by meme-stock enthusiasm, pushed the share price above $1, easing the immediate threat of delisting. The company's stock price has risen from about 78 cents on July 11 to $2.54 at the close of trading on July 27 [1].

The board of directors decided to delay the vote on the reverse stock split until late August to reassess market conditions and the company's stock price. To remain compliant with Nasdaq listing requirements, Opendoor's stock needs to be at least $1 for a minimum of 10 consecutive business days by November 24, 2025 [2].

The postponement of the vote comes as Opendoor's stock has become a retail darling, with shares up nearly 6% in premarket trading as of 8:15 a.m. ET on July 28, 2025 [2]. The company's stock price has been influenced by social media activity, particularly from Canadian hedge fund manager Eric Jackson at EMJ Capital, who has been bullish on Opendoor's prospects [1].

While the delay provides Opendoor with more time to assess its stock price and market conditions, it also means that the company may need to address potential concerns about its ability to sustain its current share price and maintain compliance with Nasdaq's listing rules.

References:
[1] https://www.bloomberg.com/news/articles/2025-07-28/opendoor-postpones-vote-on-reverse-split-after-meme-stock-rally
[2] https://sherwood.news/markets/opendoor-postpones-decision-on-reverse-stock-split-after-recent-boom/