PALO ALTO, Calif.--(BUSINESS WIRE)--Social Capital Hedosophia Holdings Corp. II (NYSE:IPOB) (“SCH” and, after the Domestication as described below, “Opendoor Technologies”), a publicly traded special purpose acquisition company, announced today that in a general meeting on December 17, 2020, its shareholders voted to approve its proposed business combination (the “business combination”) with Opendoor Labs Inc. (“Opendoor”), the pioneer and market leader in iBuying. Approximately 99.9% of the votes cast at the meeting, representing approximately 64.7% of SCH’s outstanding shares, were in favor of the business combination.
The business combination is expected to close on December 18, 2020, subject to the satisfaction of certain customary closing conditions. Prior to the consummation of the business combination, SCH will domesticate as a Delaware corporation and will change its name to “Opendoor Technologies Inc.” (the “Domestication”). Trading is expected to begin on The Nasdaq Global Select Market on December 21, 2020, under the new ticker symbol “OPEN” for Opendoor Technologies common stock and “OPENW” for the Opendoor Technologies warrants. Until the Domestication and transfer is complete, the SCH common stock, warrants and units will continue to trade under 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 investment firms of Social Capital and Hedosophia. Social Capital Hedosophia II unites technologists, entrepreneurs and technology-oriented investors around a shared vision of identifying and investing in innovative and agile technology companies. To learn more about Social Capital Hedosophia, visit www.socialcapitalhedosophiaholdings.com.
Opendoor’s mission is to empower everyone with the freedom to move. Since 2014, Opendoor has provided people across the U.S. with a radically simple way to buy, sell or trade-in a home. Opendoor currently operates in a growing number of markets across the U.S. and is headquartered in San Francisco.
For more information, please visit www.opendoor.com.
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Opendoor and SCH, including statements regarding the anticipated consummation of the business combination and the transaction related thereto, including the domestication of SCH and the listing of shares and warrants of the post-business combination company on Nasdaq. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of SCH's securities, (ii) the risk that the transaction may not be completed by SCH's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by SCH, (iii) the failure to satisfy the conditions to the consummation of the transaction, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the inability to complete the private placement transaction, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, (vii) the effect of the announcement or pendency of the transaction on Opendoor's business relationships, operating results, and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Opendoor, (ix) the outcome of any legal proceedings that may be instituted against Opendoor or against SCH related to the merger agreement or the proposed transaction, (x) the ability to maintain the listing of SCH's securities on a national securities exchange, (xi) changes in the competitive and regulated industries in which Opendoor operates, variations in operating performance across competitors, changes in laws and regulations affecting Opendoor's business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive residential real estate industry, and (xiv) costs related to the transaction and the failure to realize anticipated benefits of the transaction or to realize estimated pro forma results and underlying assumptions, including with respect to estimated shareholder redemptions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the registration statement on Form S-4 filed by SCH with the Securities and Exchange Commission (the “SEC”) on October 5, 2020 (Registration No. 333-249302), as amended, and other documents filed by SCH from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Opendoor and SCH assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Opendoor nor SCH gives any assurance that either Opendoor or SCH, or the combined company, will achieve its expectations.