Stockholders' Equity |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Stockholders' Equity Note [Abstract] | |
| Stockholders' Equity | Note 9. Stockholders’ Equity Authorized Capital Stock The Company is authorized to issue 2,100,000,000 shares of capital stock, which consists of 2,000,000,000 shares of Class A common stock and 100,000,000 shares of preferred stock, both of which have a par value of $0.0001 per share. Class A Common Stock Market Information The Company’s Class A common stock trades on the New York Stock Exchange under the symbol “OPAD” and the Company’s public warrants trade on the OTC Markets Group Pink Market under the symbol “OPADW.” January 2026 Registered Direct Offering During January 2026, the Company issued and sold 1,000,000 shares (the “2026 Shares”) of its Class A common stock for $18.00 per share, resulting in gross proceeds of $18.0 million, before deducting placement agent fees and other offering expenses (as adjusted for the Reverse Stock Split). Sale Agreement The Company has an active Open Market Sale AgreementSM (the “Sale Agreement”) with Jefferies LLC, under which the Company may offer and sell up to $100,000,000 of its Class A common stock from time to time in any manner deemed to be an “at the market” offering. The Company has no obligation to sell any shares under the Sale Agreement, but may do so from time to time. No shares were sold under the Sale Agreement during the six months ended June 30, 2026, and the Company had $69.7 million of remaining availability under the Sale Agreement as of June 30, 2026. 2025 Warrants During July 2025, the Company issued warrants (“2025 Warrants”) to purchase shares of its Class A common stock. The 2025 Warrants became exercisable on January 26, 2026 and will expire on January 26, 2030. The 2025 Warrants are classified as equity securities based on the terms and conditions included in the agreements. Prior to the Reverse Stock Split, the 2025 Warrants were exercisable to purchase up to 1,428,571 shares of the Company’s Class A common stock and had an exercise price of $2.30 per share. As a result of the Reverse Stock Split, and pursuant to the terms of the applicable warrant agreement, the number of shares of Class A common stock issuable on exercise of each warrant was proportionately decreased and the exercise price per share was proportionately increased. Accordingly, following the Reverse Stock Split, the 2025 Warrants represent the rights to purchase an aggregate of 142,857 shares of Class A common stock, each with an exercise price of $23.00 per share. Other Warrants In addition to the 2025 Warrants described above, the Company has outstanding public and private placement warrants to purchase shares of Class A common stock that do not meet the criteria for equity classification and are recognized as liabilities. Refer to Note 7. Warrant Liabilities for further details. Shares Outstanding As of June 30, 2026, the Company had 4,832,094 shares of Class A common stock issued and outstanding. Preferred Stock As of June 30, 2026, there were no shares of preferred stock issued and outstanding. Dividends The Company’s Class A common stock is entitled to dividends if and when any dividend is declared by the Company’s Board, subject to the rights of all classes of stock outstanding having priority rights to dividends. The Company has not paid any cash dividends on Class A common stock to date. The Company may retain future earnings, if any, for the further development and expansion of the Company’s business and has no current plans to pay cash dividends for the foreseeable future. Any future determination to pay dividends will be made at the discretion of the Board and will depend on, among other things, the Company’s financial condition, results of operations, capital requirements, restrictions contained in future agreements and financing instruments, business prospects and such other factors as the Board may deem relevant. |