Aurora Acquisition in an 8-K said it and merger partner Better have agreed to increase the number of shares they have authority to issue as a combined entity, from 3.25 billion to 3.4 billion. This includes the increase of Class B shares to 700 million from 600 million.
The SPAC also disclosed it received a delisting warning from the Nasdaq for falling below the $35 million minimum market cap requiredd to trade on the exchange. The SPAC has untile Dec. 18 to regain compliance and said it would work to do so.
Aurora had been notified by the Nasdaq in April of a potentitial delisting because its outstanding shares had fallen below the 500,000 minimum public float.
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.
