Business
CORRECTING & REPLACING Digital Homeownership Platform Better Announces up to $1.5 Billion in Bridge Financing and Convertible Notes with Aurora Acquisition Corp., Novator Capital (Aurora Sponsor), and SoftBank; Company to Accelerate Transformation...
Better has funded more than $45 billion in loan volume to date and has grown market share nearly 100% since 2020 New agreement amends previous transaction
About this update from Better Home & Finance Holding Company
[{"type":"text","content":"\nBetter has funded more than $45 billion in loan volume to date and has grown market share nearly 100% since 2020\n\nNew agreement amends previous transaction terms to consist of a $1.5 billion all-primary transaction, half of which is funded immediately\n\nBetter, Aurora, and SoftBank work together toward public listing as soon as SEC registration and regulatory approvals are complete\n\n NEW YORK--(BUSINESS WIRE)--\nHeadline of release should read: Digital Homeownership Platform Better Announces up to $1.5 Billion in Bridge Financing and Convertible Notes with Aurora Acquisition Corp., Novator Capital (Aurora Sponsor), and SoftBank; Company to Accelerate Transformation of the Homeownership Experience (instead of Digital Homeownership Platform Better Announces Up to $1.5 Billion in Bridge Financing and Convertible Notes with Aurora Acquisition Corp. and SoftBank; Company to Accelerate Transformation of the Homeownership Experience).\n\nThe updated release reads:\n\nDIGITAL HOMEOWNERSHIP PLATFORM BETTER ANNOUNCES UP TO $1.5 BILLION IN BRIDGE FINANCING AND CONVERTIBLE NOTES WITH AURORA ACQUISITION CORP., NOVATOR CAPITAL (AURORA SPONSOR), AND SOFTBANK; COMPANY TO ACCELERATE TRANSFORMATION OF THE HOMEOWNERSHIP EXPERIENCE\n\nBetter has funded more than $45 billion in loan volume to date and has grown market share nearly 100% since 2020\n\nNew agreement amends previous transaction terms to consist of a $1.5 billion all-primary transaction, half of which is funded immediately\n\nBetter, Aurora, and SoftBank work together toward public listing as soon as SEC registration and regulatory approvals are complete\n\nBetter HoldCo, Inc. (“Better” or the “Company”), one of the fastest-growing digital homeownership platforms in the world, and Aurora Acquisition Corp. (NASDAQ: AURC) (“Aurora”), a special purpose acquisition company, who on May 11, 2021 announced a definitive merger agreement that would transform Better into a publicly-listed company, today announce an amended agreement that provides Better with immediate capital to fortify its balance sheet and accelerate the growth of its business. Aurora and SoftBank remain committed to their long-term partnership with Better and are working towards completion of the business combination in a timely manner. The amendments to the transaction do not change the implied equity value for Better o...