Aurora Acquisition (NASDAQ:AURC) stock is rising higher on Monday after the company got an update on its planned special purpose acquisition company (SPAC) merger with Better.
A letter filed by the company details that the U.S. Securities and Exchange Commission (SEC) has declared effective the SPAC merger between Aurora Acquisition and Better. This gets rid of an obstacle for the two combining and Better becoming a publicly traded company.
Here’s a portion of the letter filed with the SEC:
“As you know, we entered into a business combination agreement with Aurora, a publicly traded special purpose acquisition company, in May of 2021. With this latest event, we can move forward with the proposed transaction, following which we will begin operating as a publicly listed company to be named “Better Home & Finance Holding Company.”
Investors will note that Aurora Acquisition and Better expect the SPAC merger to close in August. Once the two companies complete this combination, the new company will trade on the Nasdaq under the BETR stock ticker.
How This Affects AURC Stock
Aurora Acquisition’s shares will switch over to the BETR stock ticker once the merger is complete. That means that the AURC stock ticker will be retired. However, investors in the stock will continue to hold shares of BETR after the merger.
With today’s news comes heavy trading of AURC stock. As of this writing, more than 190,000 shares have changed hands. That’s quickly closing in on its daily average trading volume of 210,000 shares and markets haven’t even opened yet.
Shares of AURC stock are up 20.3% as of Monday morning.
Investors looking for more of the most recent stock market news are going to want to keep reading!
We have all of the latest stock market coverage that traders need to know about on Monday! Among that is what has shares of China Natural Resources (NASDAQ:CHNR) stock up, the biggest pre-market stock movers this morning and more. You can check out all of that news at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.