New York-based digital mortgage lender Better.com is set to go public through an IPO by merging with SPAC Aurora Acquisition Corp, securing up to $750 million in capital.
Facts
- Better.com to merge with Aurora Acquisition Corp for IPO.
- At least 65% of Aurora shareholders approved the merger as of August 11.
- Potential deal closure “on or about” August 22, 2023, according to SEC filing.
- Merger to provide up to $750 million in capital, $550 million from SoftBank’s subscription agreement, with the potential for an additional $100 million from Novator.
- Better.com’s journey to going public began with SPAC merger plans in May 2021.
- CEO Vishal Garg faced backlash for laying off 15% of the workforce (900 employees) in December 2021 via Zoom call.
- The company announced additional layoffs of 3,000 employees (almost a third of the workforce) in March.
