American iBuyers Opendoor and Offerpad Both Face Delisting From Stock Exchange

U.S.-based iBuying firm Offerpad has received a notice from the New York Stock Exchange regarding non-compliance with continued listing standards.

In a regulatory filing, the company stated it was notified by the NYSE that its average global market capitalisation and last reported stockholders’ equity had both fallen below the required $50 million threshold.

Offerpad stated that it intends to submit a plan to the exchange within 45 days outlining how it intends to regain compliance. If the NYSE accepts the plan, the company would have up to 18 months to bring its metrics back in line with listing requirements.

The NYSE may commence delisting proceedings if the plan is not submitted on time, not accepted, or not successfully executed.

This is not the first time Offerpad has faced delisting pressure. In 2023, the company enacted a reverse stock split to maintain compliance with NYSE rules.

Offerpad has not commented further on the status of its current financials or any operational changes planned in response to the latest notice.

Meanwhile, Opendoor, the other remaining iBuyer in the United States, has seen its share price dip to below the minimum $1 threshold for the majority of April, also putting its public status at risk.

The NYSE will issue a warning once Opendoor's share price stays below $1 for 30 consecutive days.

Chinese portal operator FangDD has received similar notifications that its public status was in jeopardy for repeatedly breaching Nasdaq's minimum share price thresholds.