Better.com is Going Public, What’s The Future of The Company?

Digital mortgage lender Better.com’s proposal to combine with Aurora Acquisition Corp. via SPAC (special purpose acquisition) has been approved by the shareholders today.

According to the Securities and Exchange Commission (SEC), Better.com will combine with Aurora, or go public, “on or about August 22, 2023.”

“At least 65% of the outstanding ordinary shares of the company entitles to vote at this meeting have voted in favour of the proposal,” Arnaud Massenet, CEO of Aurora Acquisition Corp, said in a shareholder’s meeting on Friday as reported by HousingWire.

Better.com had originally thought of going public via $6 billion SPAC in May 2021. Later that deal was valued at 47.7 billion. Things took a dramatic turn for the worse later that year, and SPAC was delayed.

In late July, Aurora had said in an SEC filing that shareholders would be asked to vote on a proposal that if the SPAC merger did take place, with Aurora would change its name to “Better Home and Finance Holding Company”

Last year, Better.com declared that it intended to move forward with its planned public debut, despite the lacklustre performance of blank-check combinations in previous quarters. Better.com itself had seen its fair share of turbulence since it announced its plans to merge with a SPAC, including multiple botched layoffs and changing market conditions that impacted parts of its business, including a surge in mortgage interest rates. In one layoffs meeting, CEO Vishal Garg was recorded saying the company had “probably pissed away $200 million.”