Social Capital Hedosophia Corporation II (IPOB) Shareholders Approve Opendoor Deal

Opendoor-social-capital-hedosophia

Social Capital Hedosophia Corporation II (IPOB) Shareholders Approve Opendoor Deal

Social Capital Hedosophia Holding Corporation II (NYSE:IPOB) filed an 8-K this afternoon showing that shareholders approved its combination with online home marketplace Opendoor Labs at a special meeting earlier today.

The parties expect to close the transaction tomorrow, December 18, with the combined entity’s shares and warrants trading on the Nasdaq under the symbols “OPEN” and “OPENW”, respectively, on December 21.

The transaction and other measures on the ballot passed nearly unanimously. However, about 6% of participating shares voted against creating three separate classes on the combined company’s Board with just one being elected.

Social Capital II did not disclose redemption figures, but considering it opened ahead of the vote at $26.69, it is unlikely this included more than a handful of shares redeemed in error.

Social Capital II initially announced its $4.8 billion deal to combine with Opendoor on September 15. San Francisco-based Opendoor provides a platform for customers in 21 markets to buy and sell homes digitally, process their title and escrow, and is now offering home loans.

 

Leave a Reply