SoftBank-backed Better Home & Finance plunges after de-SPAC

Better Home & Finance Holding

24/08/2023 13:20

** Shares of digital mortgage lender Better Home & Finance
 BETR.O  falling ~85% to $2.60 before the bell as co set to
debut on Thurs with ticker "BETR" on the Nasdaq after
long-delayed SPAC merger
    ** Better closed business combination with special-purpose
acquisition co Aurora Acquisition (AURC) early Weds
    ** The deal will provide Better with $550 mln infusion from
from SoftBank  9984.T , which it will use to expand its mortgage
product offerings ahead of anticipated boom in demand for
refinancings next year, Better execs said
    ** Better had planned to list publicly in 2021, but the deal
was delayed multiple times amid regulatory scrutiny and slowing
mortgage demand
    ** In the interim, roughly 95% of AURC shareholders redeemed
their holdings, leaving the trust account with just about $24
mln at end-Jun, down from about $283 mln. AURC went public in
Mar 2021
    ** A small public float subjects BETR shares to volatility
    ** Shares of AURC on Weds fell ~29% to close at $17.44

 (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))