Better.com is reportedly continuing to shed staff as it awaits a SPAC merger now a year in the making, National Mortgage News reports.
The lender, which has already spent up to $84.1 million in layoff expenses, cut approximately 920 workers in India late last year via Zoom. The employees were let go in December via Zoom in a move that created a public relations disaster. CEO Vishal Garg, who conducted the firings via teleconference, took a hiatus from his job shortly after the firings became public. He has since returned to work.
The company allegedly offered voluntary separation agreements to its 2,100 employees in the country and pulled back after 90% of them initially accepted.
A representative for Better did not comment on the layoffs and only confirmed the company’s merger with Aurora Acquisition Group is still moving forward. Aurora, in a Securities and Exchange Commission filing this week, did not confirm when the merger, announced a year ago last week, would take place.
Better HoldCo is a mortgage and real estate startup backed by SoftBank Group.
Also in December, Aurora revised the merger agreement to replace the SPAC’s cash in trust and PIPE with bridge financing and convertible notes.
The implied equity value for Better is still approximately $6.9 billion. Read more.
