Aurora Acquisition Corp. (NASDAQ: AURC) announced this afternoon that its shareholders approved its combination with proptech firm Better at a special meeting earlier today.
Aurora’s sponsor, directors and executive officers own 97.7% of the issued and outstanding ordinary shares, including 100% of the issued and outstanding Class B ordinary shares, and committed to vote in favor of the deal.
The parties expect to close the transaction on or around August 22. Following the closing, the publicly listed company will be named Better Home & Finance Holding Company and its Class A common stock and warrants are expected to begin trading on the Nasdaq stock market under the symbols “BETR” and “BETRW,” respectively.
Aurora announced its $6.7 billion combination with Better over two years ago in May 2021, becoming the oldest announced SPAC deal yet to be completed.
Throughout this period, Aurora tweaked its combination with the homebuying marketplace a total of four times. Among those changes included a requirement for Better to cover up to $15 million in expenses for Aurora, and substituting the initial $1.5 billion PIPE and a $278 million backstop with a $750 million bridge note that will ultimately be converted to equity.
Aurora’s sponsor SoftBank had also agreed to provide a convertible note of up to $750 million arriving 45 days after close, which is to function as a larger backstop as it will be reduced commensurate with any amounts remaining in Aurora’s trust.
New York City-based Better provides a slate of homebuying services connecting consumers with lenders, insurers and realtors.
All other proposals on today’s ballot were also approved.
At the SPAC of Dawn After a scant May for new SPAC deal announcements, both Investcorp Europe I (OTC:IVCBF) and A SPAC III (NASDAQ:ASPC) unveiled new business combinations coming out of Memorial Day weekend. While both deals are on the smaller side, they both represent somewhat different processes as well. Investcorp Europe I IPO’d back...
Terms Tracker for the Week Ending May 23, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Another solid week for SPAC IPO trading. Five more IPOs priced, bringing May’s total to 18 and the YTD tally to 49. That’s just eight...
Pelican Acquisition Corp. (NASDAQ:PELIU) announced the pricing of its $75 million IPO and its units began trading on the Nasdaq under the symbol “PELIU”, Friday, May 23, 2025. The new SPAC aims to combine with a technology company with a defensible market position that would benefit from being publicly traded in the US. Pelican’s management...
Cohen Circle II (NASDAQ:CCIIU) has filed for a $220 million SPAC marking the second wave of the Betsy Cohen team’s return to the market in the burgeoning 2024/2025 cycle. The new SPAC brings slightly less warrant coverage than its predecessor Cohen Circle I (NASDAQ:CCIR) with a 1/4 warrant in each of its units as opposed...
A Paradise (NASDAQ:APADU) has filed for a $200 million SPAC to get a fresh Asia-focused vehicle on the road with a leader that has steered several SPACs before. The new SPAC continues underwriter Cohen & Company’s warpath as its 15th SPAC put on file this year, with the firm’s 12th SPAC IPO debut set for...