Latest news with #shareholder vote
Yahoo
28-07-2025
- Business
- Yahoo
Why Opendoor Stock Plummeted by Almost 8% on Monday
Key Points The company delayed a shareholder vote about its equity until August. It is considering a reverse stock split -- often not a good sign. 10 stocks we like better than Opendoor Technologies › Investors eagerly shut the door on real estate transaction platform developer Opendoor Technologies (NASDAQ: OPEN) on Monday. They didn't take kindly to news of an important vote on the company's future, and sent the share price down by almost 8% on the day. Meanwhile, the S&P 500 (SNPINDEX: ^GSPC) flatlined across the session, indicating that many other stocks would have been better pickups. Decision delayed Well before market open, Opendoor announced it was to adjourn the special stockholder meeting scheduled for that day. That convocation was intended for a vote on two proposals to effect a reverse stock split of the company's equity. The meeting was rescheduled for this coming Aug. 27. Opendoor investors are being polled on a pair of separate reverse-stock split plans. In its press release on the adjournment, the company stressed that approval of either won't necessarily mean ratification. In its words, "an approval would provide the company's board of directors with an option to pursue a reverse stock split only if the Board believes it is in the best interests of Opendoor and its stockholders, which includes seeking to ensure that Opendoor remains listed on Nasdaq." Nasdaq requires the closing prices of the stocks listed on its exchange to not fall below $1 per share for 30 consecutive days. Opendoor can fall back in compliance if its shares trade above that level for 10 trading days, at minimum, by Nov. 24 of this year. Doing the minimum Reverse stock splits are a common tool used by companies that find their shares underwater, i.e., below those minimum price stipulations. Although they aren't always a sign of a business in trouble, they are certainly not encouraging for shareholders or other folks who might otherwise be interested in the stock. Personally, I'd avoid Opendoor until it can right the ship with its equity. Should you invest $1,000 in Opendoor Technologies right now? Before you buy stock in Opendoor Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Opendoor Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 28, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Nasdaq. The Motley Fool has a disclosure policy. Why Opendoor Stock Plummeted by Almost 8% on Monday was originally published by The Motley Fool
Sky News
21-07-2025
- Business
- Sky News
Wise co-founder seeks talks with proxy advisors in US listing row
A co-founder of Wise wants the world's most influential corporate voting advisory firms to change their judgements on plans that would cement control of the money-transfer service in the hands of a small band of investors for another decade. Sky News has learnt that Taavet Hinrikus, who alongside current chief executive Kristo Kaarmann launched the company in 2011, is to press Glass Lewis and Institutional Shareholder Services (ISS) - whose recommendations carry significant sway among institutional investors - to advise Wise's shareholders to oppose plans to extend its dual-class shares until 2036. The row has arisen amid plans for Wise to shift its primary listing to New York, where dual-class ownership structures are far more common. The structure was put in place in 2021, when Wise floated in London with a pledge that it would revert to a single class of shares five years after its stock market debut. Mr Hinrikus's ownership vehicle - Skaala Investments - holds just over 5.1% of Wise's shares, a stake worth roughly £450m at the current stock price. As a result of its ownership of Class B shares, Skaala also holds roughly 11% of Wise's voting rights. Speaking exclusively to Sky News, Taavet Hinrikus said he was "disappointed that neither Glass Lewis nor ISS have flagged this important governance issue". "We are keen to discuss this with them and for them to revise their reports ahead of the vote." Mr Hinrikus has been angered by Wise's refusal to separate the questions of the US listing and the dual-class voting structure into distinct resolutions at its forthcoming general meeting to approve the move. In a statement issued more widely on Monday, Skaala said "this material governance change was not clearly disclosed to Wise's share owners". It was unclear which other shareholders in Wise were unhappy at the company's approach.
