For Better Or Worse: Two Years After Viral Firing Of Employees On Zoom, Better.com Hits New Lows In Public Debut
Portfolio Pulse from Chris Katje
Better Home & Finance Holding Company (Better.com) saw its shares hit new lows in its first day of trading following a SPAC merger with Aurora Acquisition Corp. The company had previously faced controversy when CEO Vishal Garg fired 900 employees over a Zoom call. An SEC investigation into potential securities law violations was concluded earlier this month, clearing the way for the merger. On its market debut, Better.com saw around 90% of its valuation wiped out, with shares crashing to $1.10 and closing the day at $1.20.
August 25, 2023 | 8:17 pm
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Aurora Acquisition Corp merged with Better.com, which saw its shares hit new lows on its first day of trading. The merger was delayed due to an SEC investigation into potential securities law violations.
The merger with Better.com, which has faced significant controversy, likely impacted Aurora Acquisition Corp's reputation and the performance of the merged company's shares. The SEC investigation also delayed the merger, potentially causing further uncertainty and negatively impacting the stock price.
CONFIDENCE 100
IMPORTANCE 80
RELEVANCE 80
NEGATIVE IMPACT
Better.com's shares hit new lows on its first day of trading, wiping out around 90% of its valuation. This follows a controversial period for the company, including a mass firing over Zoom and an SEC investigation.
The company's controversial past, including a mass firing over Zoom and an SEC investigation, likely contributed to the poor performance of its shares on its market debut. The conclusion of the SEC investigation cleared the way for the merger, but the damage to the company's reputation may have already been done.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100