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Better Holdco SPAC Deal Challenge Ends With Quick Settlement

Nov. 4, 2021, 6:36 PM

Better Holdco Inc. has reached a confidential agreement resolving a challenge to the online lender’s plan to go public through a $6.9 billion reverse merger with a blank-check company, according to a Delaware Chancery Court filing.

Better Holdco and the “special purpose acquisition company” it plans to combine with, Aurora Acquisition Corp., filed a joint stipulation Wednesday with Pine Brook Capital Partners II LP, which brought the lawsuit, telling Vice Chancellor Morgan Zurn they had a settlement.

Zurn dismissed the case later the same day.

Pine Brook’s lawsuit, filed in July, accused Better Holdco of violating corporate laws and breaching ...