Aurora Acquisition, which is planning to merge with Better.com has reported a “material weakness” in its financial reporting, and said it will restate SPAC earnings going back to late 2021.
The financial statements in question don't include past disclosures of Better's own earnings, according to sec filings. The SPAC said it doesn't expect the unspecified errors to have any impact on its cash position or amounts held in a trust account from its ipo.
A representative for Better confirmed to Nation Mortgage News the filings related to Aurora's own processes and procedures and not the mortgage company's.
Better is an online home ownership platform. The deal was announced nearly two years ago. When announced in May 2021, the transaction valued the merged companies at $6.9 billion. It's been a rocky road for both comapnies ever since. Read more.