Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Recent Sales of Unregistered Equity Securities
None.
Use of Proceeds
On April 30, 2020, SCH consummated its initial public offering, generating total gross proceeds of $414.0 million, inclusive of units sold to the underwriters in connection with the exercise of their over-allotment option in full. Simultaneously with the consummation of the initial public offering, SCH consummated a private placement of warrants to its sponsor, SCH Sponsor II LLC, generating total additional proceeds of $9.2 million.
Following the initial public offering and the sale of the private placement warrants, a total of $414.0 million was placed in a trust account. After deducting payments to existing shareholders of $0.1 million in connection with their exercise of redemption rights, the payment of the $14.5 million of deferred underwriting fees and a total of $22.9 million in expenses in
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OPENDOOR TECHNOLOGIES INC.
connection with the Business Combination paid from the trust account, the remainder of the trust account was transferred to our balance sheet to fund our operations and continued growth. As of the date of this Quarterly Report on Form 10-Q, the proceeds of these transactions have been fully applied.
Issuer Purchases of Equity Securities
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.