Aurora Acquisition dips on SPAC deal to take mortgage lender Better public

Home Point Capital

11/05/2021 14:38

** Shares of special-purpose acquisition co Aurora
Acquisition Corp  AURC.O  down nearly 4% at $10.10 early Tues as
M&A news fails to impress
    ** Better HoldCo, backed by Softbank  9984.T , to go public
with AURC in deal valuing mortgage startup at $7.7 bln
 urn:newsml:reuters.com:*:nL4N2MY346
    ** Softbank commits to $1.5 bln PIPE (private investment in
public equity), while deal will provide Better with $778 mln
    ** AURC priced its $220 mln SPAC in March (See filing https://www.sec.gov/Archives/edgar/data/1835856/000110465921032825/tm2038290-9_424b4.htm)
    ** SPACs are shell companies that raise funds through an IPO
to take private cos public
    ** Wholesale mortgage lender UWM Holdings  UWMC.N  listed in
Jan after merging with a SPAC, while Quicken Loans parent Rocket
Companies  RKT.N  and mortgage firm Home Point Capital Inc
 HMPT.O  chose the traditional IPO route to public markets last
year

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com))