Mortgage lender Better down for second day after first half results

Better Home & Finance Holding

29/08/2023 15:57

** Shares of Better Home & Finance  BETR.O  down 11.7% at
$0.90, falling for second straight session, a day after online
mortgage lender reported first half results
    ** Better early Mon said rev was $51.1 mln at end-Jun and
$21 mln in three months ended Mar 2023, while net loss was
$135.4 mln and $89.9 mln, respectively, for those periods
    ** Co said it believes proceeds from closing business
combination alleviate previously disclosed going concern
uncertainty, noting cash/cash equivalents would have been $632.4
mln as of Jun 30 pro forma for the tie-up
    ** BETR shares on Mon lost 14.3%
    ** On Aug 24, shares opened at $1.98, traded as low as 77
cents, before ending session down 93% at $1.15 in debut after
co, backed by SoftBank  9984.T , completed merger with
special-purpose acquisition company Aurora Acquisition Corp
(AURC)
    ** Prior to the merger, roughly 95% of AURC shareholders
redeemed their holdings. A small public float typically makes a
stock prone to volatility
    ** Shares of AURC closed at $17.44 on Aug 23

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))