{"id":25428,"date":"2023-03-08T21:44:47","date_gmt":"2023-03-08T21:44:47","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/03\/08\/better-coms-spac-gets-a-lifeline-but-remains-on-life-support\/"},"modified":"2023-03-08T21:44:50","modified_gmt":"2023-03-08T21:44:50","slug":"better-coms-spac-gets-a-lifeline-but-remains-on-life-support","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/03\/08\/better-coms-spac-gets-a-lifeline-but-remains-on-life-support\/","title":{"rendered":"Better.com\u2019s SPAC gets a lifeline but remains on life support"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/03\/08\/better-aurora-spac-deal-closing\/<\/a><\/br>
\nBetter.com\u2019s SPAC gets a lifeline but remains on life support<\/br>
\n2023-03-08 21:44:47<\/br><\/p>\n

\n

Digital mortgage lender<\/span> Better.com\u2019s SPAC deal<\/a> with Aurora Acquisition Corp. recently got a new lease on life<\/span><\/a>, extending its timeframe to close the transaction through the end of Q3 2023. Without the extension the transaction would have had to close by today.<\/span><\/p>\n

Further investigation has turned up an interesting fact in the interim: Even if the Better.com SPAC combination closes, the transaction has been all but neutered from a cash perspective. From the company\u2019s pursuant SEC filing<\/a> (emphasis TechCrunch):<\/span><\/p>\n

\n

In connection with the vote to approve the Extension Proposal, the holders of 25,751,449 Class A ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of $10.2178 per share<\/strong>, for an aggregate redemption amount of approximately $263,123,592. As such, approximately 92.6% of the Class A ordinary shares were redeemed<\/strong> and approximately 7.4% of the Class A ordinary shares remain outstanding. After the satisfaction of such redemptions, the balance in Aurora\u2019s trust account will be approximately $20,931,627.<\/strong><\/p>\n<\/blockquote>\n

Per the company\u2019s original deal presentation, its tie-up Aurora Acquisition would provide around $278 million to the combined company, which the deck noted \u201cassumes Sponsor backstop of 100% of the shares redeemed by existing AURC shareholders pre-closing.\u201d<\/p>\n

As Better.com ran headfirst into a climate of higher interest rates and operational issues \u2014 its layoffs are now legendary for their callousness and blowback \u2014 it did manage to secure a portion of the other capital that was earmarked for the deal. That $750 million infusion, half of a planned $1.5 billion PIPE, or private investment into public equity, provided Better.com with a stronger balance sheet. That said, November 2021 is far in the past.<\/p>\n<\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/03\/08\/better-aurora-spac-deal-closing\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/03\/08\/better-aurora-spac-deal-closing\/ Better.com\u2019s SPAC gets a lifeline but remains on life support 2023-03-08 21:44:47 Digital mortgage lender Better.com\u2019s SPAC deal with Aurora Acquisition Corp. recently got a new lease on life, extending its timeframe to close the transaction through the end of Q3 2023. Without the extension the transaction would have had to close by today. […]<\/p>\n","protected":false},"author":1,"featured_media":25429,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-25428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nBetter.com\u2019s SPAC gets a lifeline but remains on life support - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/03\/08\/better-coms-spac-gets-a-lifeline-but-remains-on-life-support\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Better.com\u2019s SPAC gets a lifeline but remains on life support - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/03\/08\/better-aurora-spac-deal-closing\/ Better.com\u2019s SPAC gets a lifeline but remains on life support 2023-03-08 21:44:47 Digital mortgage lender Better.com\u2019s SPAC deal with Aurora Acquisition Corp. recently got a new lease on life, extending its timeframe to close the transaction through the end of Q3 2023. 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