Better Home & Finance Completes 1-for-50 Reverse Stock Split

By Tamara Parker • Tuesday, August 20 06:04 • Permanent Link

Better Home & Finance Holding Company (NASDAQ: BETR;BETRW) has successfully completed a 1-for-50 reverse stock split, aimed at increasing the per share trading price of the company’s common stock to meet the minimum bid price requirement for continued listing on the NASDAQ Capital Market.

As a result of the reverse stock split, the number of the company’s outstanding Class A common stock has decreased from 424,783,460 shares to 8,497,010 shares. Similarly, outstanding Class B common stock has been reduced from 259,770,986 shares to 5,194,080 shares, and outstanding Class C common stock has been decreased from 71,877,283 shares to 1,437,545 shares.

The company's Class A common stock began trading on a split-adjusted basis on the NASDAQ under the existing ticker symbol “BETR” with a new CUSIP number. The public warrants continue to trade under the ticker symbol “BETRW” with the same CUSIP number.

No fractional shares were issued during the reverse stock split. Stockholders who would have otherwise received a fractional share of the company’s common stock following the reverse stock split will receive a pro rata portion of cash proceeds from the aggregation and sale of all fractional shares by the exchange agent, ComputerShare Inc.

Since 2017, Better Home & Finance Holding Company has utilized its technology platform, Tinman™, to fund more than $100 billion in mortgage volume. Notably, the company's mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage loans. Additionally, Better launched its “One Day Mortgage” program in January 2023, allowing eligible customers to go from click to commitment letter within 24 hours.

Better has garnered several accolades, including being named the best online mortgage lender by Forbes and the best mortgage lender for affordability by WSJ in 2023. It was also ranked #1 on LinkedIn’s top startups list for 2021 and 2020, #1 on Fortune’s best small and medium workplaces in New York, #15 on CNBC’s Disruptor 50 2020 list, and was listed on Forbes Fintech 50 for 2020. Better serves customers in all 50 US states and the United Kingdom. As a result of these announcements, the company's shares have moved 1.9% on the market, and are now trading at a price of $20.28. For the full picture, make sure to review Better Home & Finance's 8-K report.

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