Offerpad announces reverse stock split amid delisting threat
Offerpad announced a 1-for-10 reverse stock split to avoid delisting from the NYSE after its share price fell below $1 for 30 consecutive trading days, triggering a compliance warning. The move, approved by shareholders and set to take effect June 9, follows repeated delisting threats and a decline in revenue and home sales, mirroring struggles faced by rival iBuyer Opendoor last year.
Offerpad, the iBuyer company facing delisting risks from the New York Stock Exchange (NYSE), has approved a 1-for-10 reverse stock split to boost its share price. The company received a warning in March 2026 after its stock closed below $1 for 30 consecutive trading days, violating NYSE’s continued listing standards. Shareholders approved the split on June 4, with adjusted trading set to begin June 9. The reverse stock split comes after Offerpad’s share price dipped below $0.7 before the announcement and further declined to $0.66 in afternoon trading on June 5. The company had previously received delisting warnings in April 2025 and March 2026, with a brief reprieve in late 2025 when shares surged above $6 during a meme stock rally. Offerpad is not alone in facing delisting threats; rival iBuyer Opendoor also received a Nasdaq warning last May but avoided the issue after a stock rally in July 2025. Opendoor, now led by CEO Kaz Nejatian, claims progress toward profitability by the end of 2026, while Offerpad reports year-over-year declines in revenue and homes sold, citing a focus on disciplined execution. The iBuying model, once popularized by Zillow and Redfin, has struggled since the pandemic, forcing many competitors to exit the market. Offerpad’s CEO, Brian Bair, has emphasized efficiency and customer solutions amid financial challenges, though revenue growth remains stagnant. The reverse split is a last-ditch effort to maintain NYSE listing and investor confidence.
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