Aurora Acquisition announced that its shareholder meeting slated for Feb. 24 at 9 a.m. has been postponed until 5:30 p.m.
As a result, the deadline for delivering redemption requests has been extended to 4 p.m. tomorrow before the meeting.
The SPAC wants to push its deal completion deadline back from March 8 to Sept. 30 as it works to close on a merger with Better.
Aurora announced the merger agreement in May 2021 with Better, an online homeownership platform offering mortgage, real estate, title, and homeowners insurance products. Terms of the deal have been amended several times in the 21 months since the deal was announced.
It’s been a bumpy road ever since.
Both parties faced a lawsuit in 2021 over the deal’s lock-up positions. Better acquired U.K.-based startup Property Partner in September 2021. Three months later, in December, Aurora revised the merger agreement to replace the SPAC’s cash in trust and PIPE with bridge financing and convertible notes. Later that month, Better’s CEO laid off 900 employees via Zoom, triggering a public relations backlash. More layoffs followed in May of last year.
In another lawsuit, Better CEO Vishal Garg allegedly misled investors in his effort to keep them on board with his plans to take the company public, an ex-executive said in a complaint filed in Manhattan federal court. At the time, a Better spokesperson, quoting a lawyer for the company, said the claims are “without merit” and that the company is confident in its financial and accounting practices and “will vigorously defend this lawsuit.” Read more.
