A mortgage company started trading publicly today. Investors weren’t enthused.
Shares of Better Home & Finance fell 93% on Thursday. The company had agreed to go public in 2021 via a merger with a special-purpose acquisition company, but the closing date of the transaction hit a lengthy delay.
Better was being investigated by the Securities and Exchange Commission, disclosed last year, but the company said this month that the regulator wasn’t planning to bring charges. That lifted a cloud that was hanging over the deal.