Investor Presentaiton
Transaction overview (continued)
Note:
Pro forma enterprise value of $4.8B
| $600M PIPE raised at $10 / share consisting of:
$200M from affiliated entities, led by $100M from Chamath
Palihapitiya, Founder and CEO of SCH, and $58M from Hedosophia,
with the remainder invested by existing Opendoor shareholders,
Access Industries and Lennar, along with Opendoor management
Top-tier institutional investors are investing an additional
$400M including funds and accounts managed by
BlackRock and Healthcare of Ontario Pension Plan (HOOPP)
100% rollover by existing Opendoor shareholders
Over $1.5B of pro forma cash held on balance sheet
| Completion of transaction is expected by 4Q20
Pro forma ownership (1)
9.5% PIPE
6.6% IPOB shareholders
(2)
3.0% Management awards
1.6% IPOB sponsors
(3)
79.3%
Existing Opendoor
shareholders
(1) Total shares includes 500.0 million rollover equity shares (inclusive of existing management options and RSUs rolling over), 41.4 million IPOB public shares, 60.0 million shares from PIPE, 10.4 million IPOB founder shares and 18.9 million bonus shares to
management. Assumes no redemptions
(2) 1.0% of the management bonus award will be allocated to the CEO, while the remainder will be allocated by the compensation committee of the combined company within normal planning cycle (i.e., within the next year). One-quarter of these awards
will vest 1-year after completion and the remainder of which will vest ratably over the following three years.
(3) Excludes investment in PIPE
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