At the risk of being flippant, the new public listing for the online mortgage lender Better (NASDAQ:BETR) might be a case of being in the right place at the wrong time.
According to a Reuters report, Better’s shares sank this morning during its stock trading debut. Better, which went public via its merger with the blank check company Aurora Acquisition Corp. in a merger that was first announced in 2021, saw its stock sink by 95% to 89 cents after less than 90 minutes of morning trading.
Nonetheless, Better CEO Vishal Garg insisted going public was the right thing for the company to do at this time.
“We think that this is a really great time for us to be out there, capitalized with an additional $550 million from SoftBank that will enable the company to continue to innovate and serve its customers,” Garg said in an interview.