Offerpad Solutions Inc. (NYSE:OPAD) stock tumbled Tuesday after the company outlined a stock sale agreement with institutional buyers.
The company announced that it has entered into a securities purchase agreement with institutional investors for a registered direct offering of 10 million shares of common stock.
The shares are priced at $1.80 each, implying gross proceeds of approximately $18 million before placement agent fees and other offering-related expenses.
The company expects the offering to close on or about January 13, 2026, subject to the satisfaction of customary closing conditions.
Offerpad plans to use the net proceeds for general working capital. The company stated that the funds will support growth initiatives, enhance inventory optimization, and strengthen its balance sheet.
Company Focus
Offerpad operates a technology-driven platform for residential real estate transactions.
The platform aims to simplify home buying and selling through digital solutions.
A.G.P./Alliance Global Partners is serving as the sole placement agent for the offering.
Offerpad is conducting the registered direct sale under an effective shelf registration statement.
The company said it will file a prospectus supplement with the U.S. Securities and Exchange Commission.
OPAD Price Action: Offerpad Solutions shares were down 12.92% at $1.55 at the time of publication on Tuesday, according to Benzinga Pro data.
Photo by Around the World Photos via Shutterstock
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