Better.com SPAC shareholders approve merger

Better.com will finally become a publicly-traded company after a tumultuous 27-month wait. 

Over 96%, or 8.7 million shareholders of Aurora Acquisition Corp. voted Friday for the business combination with the digital lender, according to a Securities and Exchange Commission filing. The companies first announced the move in May 2021. The special purpose acquisition company voters gave unanimous recommendations for the firm's board of directors, including Better founder and CEO Vishal Garg.

Aurora, in a brief statement Friday, said the business combination is anticipated to occur on or about August 22. The lender will trade on the Nasdaq stock market under the symbols "BETR" and "BETRW".

Friday's vote wraps a turbulent period for Better which included a controversial Zoom firing by Garg, among other mass layoffs; nine-figure losses in quarterly and annual earnings reports; and two employee lawsuits which remain pending in federal courts. The company admitted in SEC filings negative media coverage contributed to poor performances and low morale, but the SPAC showed unwavering support through two merger extensions. 

Better is reeling from an $889 million loss in 2022 and a $303.8 million loss in 2021 at the tailend of the refinance boom. The company is also a fraction of its former size, closing last year with just 1,300 team members, including 700 based abroad, compared to its height of 10,400 employees in 2020.

The SPAC and lender tallied another victory last week when the Securities and Exchange Commission closed a probe into the businesses over alleged securities laws violations, with no recommendation for enforcement action. The investigation stemmed from a lawsuit by the firm's former second-in-command, Sarah Pierce, who accused Garg of misleading investors. 

Discovery deadlines in Pierce's case are due Oct. 1, according to court records.