Aurora Acquisition, the SPAC working to bring online mortgage lender Better public, said in a filing that SEC staff informed the blank-check company and its target that an investigation was concluded and the agency doesn’t intend to recommend an enforcement action, Bloomberg reports.
Aurora received a voluntary request for documents from the SEC indicating it was conducting an investigation into the deal. The SPAC’s shares have soared more than 325% over the past month.
Better is an online home ownership platform. The deal with Aurora was announced more than two years ago, when the transaction valued the merged companies at $6.9 billion.
It’s been a rough road for both companies ever since.
Aurora raised $220 million in a March 2021 IPO and announced the deal with Better two months later. The SPAC has restated its financials at least twice for the SEC since then, while the merger agreement with Better has been amended multiple times. At deal announcement, terms called for Better shareholders to receive $950 million in cash and the remainder in stock of the new company.
A third deadline extension announced in March gives the SPAC until September to seal the deal. Read more.
