SPAC: Aurora Acquisition Corp Will Acquire Better, Shares Sink on the News

Special Purpose Acquisition Company (SPAC) Aurora Acquisition Corp (NASDAQ:AURC) is moving forward to acquire Fintech Better.

On Friday, Aurora announced that shareholders had voted to approve the merger, with the closing expected to take place on August 22, 2023.

In April 2021, Aurora announced that it had closed on a $220 million initial public offering. The following month, Aurora revealed a merger with “digital home ownership platform” Better.

At that time, Better was valued at $6.9 billion.

Shares of Aurora traded at over $35 a share at market close on Friday. Today, shares have tanked now trading over $22 a share, losing over 33% of its valuation. Investors are clearly disappointed in the decision to move forward with the merger.

Since the SPAC deal was announced, valuations of many firms have retrenched from previously lofty heights.

Founded in 2014 with a mission to “re-engineer” the mortgage process, the digital service allows borrowers to receive a mortgage all online while also providing complimentary services such as insurance. The company reports funding over $100 billion in mortgages all online.


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