The iBuyer has been struggling to get its footing since 2022 despite replacing its CEO and working to build partnerships with agents and brokerages.
In a May 30 SEC filing, Opendoor disclosed it had received a warning from NASDAQ after its share price failed to crest the $1 mark for 30 consecutive business days.
Companies that cannot maintain a minimum share price of $1 risk being delisted from the exchange. Opendoor shares have closed below the minimum since mid-April and sat at $0.65 at the end of trading on May 30.
A familiar situation: Opendoor isn’t the first iBuyer to find itself in this position. Offerpad received a similar warning from the New York Stock Exchange in November 2022, opting to implement a reverse stock split the following June to remedy the problem. Recently, however, Offerpad’s stock has dipped back below $1.
A challenging sector: Both Opendoor and Offerpad launched their iBuyer businesses in the mid-2010s, and other major companies, including Zillow and Redfin, followed their lead a few years later after the model proved successful.
But the algorithms didn’t account for a sudden market shift like the one seen in the early 2020s, and losses began to mount, prompting Zillow and Redfin to shutter their iBuyer divisions — but Opendoor and Offerpad have tried to stay afloat.
Leaning into partnerships: There have been some bright spots for Opendoor. After suffering a massive $1.4 billion loss in 2022, the company returned to profitability in 2023 under the leadership of Carrie Wheeler, who replaced Co-founder and CEO Eric Wu in late 2022. While Opendoor soon slipped back into the red, it was able to stem losses.
In 2024, Wheeler expressed confidence that the company would benefit from the industry changes coming out of NAR’s commissions settlement, and investors seemed to agree: The company’s stock jumped 9.5% when industry policy changes took effect in August. For much of 2025, however, it has been on a downward trajectory.
During the company’s most recent earnings call, Wheeler said she believes Opendoor’s new focus on partnerships will be a key part of its strategy going forward — and a path toward profitability.
What’s next: Opendoor said the NASDAQ notice does not affect its stock in the short term, and it has 180 days to come into compliance — meaning the stock “must be at least $1.00 per share for a minimum of 10 consecutive business days during the 180-day compliance period,” according the SEC filing. If that fails to happen, Opendoor may be able to request more time to reach compliance.
