Social Capital Hedosophia II Shareholders Approve Enterprise Mixture With Opendoor

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Social Capital Hedosophia Holdings Corp. II (NYSE:IPOB) (“SCH” and, after the Domestication as described beneath, “Opendoor Applied sciences”), a publicly traded particular goal acquisition firm, introduced as we speak that in a common assembly on December 17, 2020, its shareholders voted to approve its proposed enterprise mixture (the “enterprise mixture”) with Opendoor Labs Inc. (“Opendoor”), the pioneer and market chief in iBuying. Roughly 99.9% of the votes solid on the assembly, representing roughly 64.7% of SCH’s excellent shares, have been in favor of the enterprise mixture.

The enterprise mixture is predicted to shut on December 18, 2020, topic to the satisfaction of sure customary closing circumstances. Previous to the consummation of the enterprise mixture, SCH will cultivate as a Delaware company and can change its title to “Opendoor Applied sciences Inc.” (the “Domestication”). Buying and selling is predicted to start on The Nasdaq International Choose Market on December 21, 2020, underneath the brand new ticker image “OPEN” for Opendoor Applied sciences frequent inventory and “OPENW” for the Opendoor Applied sciences warrants. Till the Domestication and switch is full, the SCH frequent inventory, warrants and models will proceed to commerce underneath the ticker symbols “IPOB”, “IPOB.WS” and “IPOB.U”, respectively, on NYSE.

About Social Capital Hedosophia II

Social Capital Hedosophia II is a partnership between the funding companies of Social Capital and Hedosophia. Social Capital Hedosophia II unites technologists, entrepreneurs and technology-oriented traders round a shared imaginative and prescient of figuring out and investing in modern and agile expertise firms. To study extra about Social Capital Hedosophia, go to www.socialcapitalhedosophiaholdings.com.

About Opendoor

Opendoor’s mission is to empower everybody with the liberty to maneuver. Since 2014, Opendoor has offered folks throughout the U.S. with a radically easy means to purchase, promote or trade-in a house. Opendoor presently operates in a rising variety of markets throughout the U.S. and is headquartered in San Francisco.

For extra data, please go to www.opendoor.com.

Ahead-Trying Statements

This press launch accommodates sure forward-looking statements inside the that means of the federal securities legal guidelines with respect to the proposed transaction between Opendoor and SCH, together with statements concerning the anticipated consummation of the enterprise mixture and the transaction associated thereto, together with the domestication of SCH and the itemizing of shares and warrants of the post-business mixture firm on Nasdaq. These forward-looking statements typically are recognized by the phrases “consider,” “mission,” “count on,” “anticipate,” “estimate,” “intend,” “technique,” “future,” “alternative,” “plan,” “might,” “ought to,” “will,” “would,” “shall be,” “will proceed,” “will doubtless end result,” and related expressions. Ahead-looking statements are predictions, projections and different statements about future occasions which might be primarily based on present expectations and assumptions and, in consequence, are topic to dangers and uncertainties. Many elements might trigger precise future occasions to vary materially from the forward-looking statements on this press launch, together with however not restricted to: (i) the danger that the transaction might not be accomplished in a well timed method or in any respect, which can adversely have an effect on the value of SCH’s securities, (ii) the danger that the transaction might not be accomplished by SCH’s enterprise mixture deadline and the potential failure to acquire an extension of the enterprise mixture deadline if sought by SCH, (iii) the failure to fulfill the circumstances to the consummation of the transaction, (iv) the shortage of a 3rd social gathering valuation in figuring out whether or not or to not pursue the proposed transaction, (v) the shortcoming to finish the non-public placement transaction, (vi) the incidence of any occasion, change or different circumstance that would give rise to the termination of the merger settlement, (vii) the impact of the announcement or pendency of the transaction on Opendoor’s enterprise relationships, working outcomes, and enterprise typically, (viii) dangers that the proposed transaction disrupts present plans and operations of Opendoor, (ix) the result of any authorized proceedings which may be instituted in opposition to Opendoor or in opposition to SCH associated to the merger settlement or the proposed transaction, (x) the flexibility to take care of the itemizing of SCH’s securities on a nationwide securities change, (xi) modifications within the aggressive and controlled industries wherein Opendoor operates, variations in working efficiency throughout rivals, modifications in legal guidelines and rules affecting Opendoor’s enterprise and modifications within the mixed capital construction, (xii) the flexibility to implement enterprise plans, forecasts, and different expectations after the completion of the proposed transaction, and establish and understand further alternatives, (xiii) the danger of downturns and a altering regulatory panorama within the extremely aggressive residential actual property trade, and (xiv) prices associated to the transaction and the failure to appreciate anticipated advantages of the transaction or to appreciate estimated professional forma outcomes and underlying assumptions, together with with respect to estimated shareholder redemptions. The foregoing listing of things will not be exhaustive. It is best to fastidiously take into account the foregoing elements and the opposite dangers and uncertainties described within the “Threat Components” part of the registration assertion on Type S-Four filed by SCH with the Securities and Alternate Fee (the “SEC”) on October 5, 2020 (Registration No. 333-249302), as amended, and different paperwork filed by SCH once in a while with the SEC. These filings establish and deal with different vital dangers and uncertainties that would trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements communicate solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and Opendoor and SCH assume no obligation and don’t intend to replace or revise these forward-looking statements, whether or not because of new data, future occasions, or in any other case. Neither Opendoor nor SCH offers any assurance that both Opendoor or SCH, or the mixed firm, will obtain its expectations.

View supply model on businesswire.com: https://www.businesswire.com/information/house/20201217006023/en/

Contacts

Opendoor
Traders:
Whitney Kukulka
The Blueshirt Group
[email protected]

Media:
Sheila Tran / Charles Stewart
Opendoor
[email protected]

Social Capital Hedosophia II
Media:
Sara Evans / Kerry Golds
Finsbury
[email protected] / [email protected]
+1.917.344.9279 / +1.646.957.2279

Jonathan Gasthalter / Carissa Felger
Gasthalter & Co.
[email protected]

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