Better Board Blasts Ex-CEO Garg's 'Unworkable' Plan, Urges Shareholders to Reject Consent
BETR sits 19% above its 52-week low of $11.111.
Summary
The Special Committee issued a scathing rebuttal to former CEO Vishal Garg's latest operational plan, calling it 'unworkable' and lacking operational foundation. The statement highlights Garg's missed $1B monthly loan volume target and withdrawn EBITDA guidance, and disputes his claim of a 30-day UK bank sale. This escalates the ongoing proxy fight, with the board urging shareholders to sign, date and return the WHITE consent revocation card and disregard any green consent card received from Garg. The response follows a series of SEC filings detailing Garg's failed consent solicitation and the company's lawsuit against him. The board's unanimous stance signals a hardening of positions ahead of the consent vote, with the outcome likely to determine control of the company.
At the time of this announcement, BETR was trading at $13.20 on NASDAQ in the Finance sector, with a market capitalization of approximately $250.8M. The 52-week trading range was $11.11 to $94.06. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: BusinessWire.