Better Home & Finance Rebuts Garg's 46% Support Claim, Says He Lacks Public Investor Backing
BETR sits 18% above its 52-week low of $11.111.
Summary
The Special Committee issued a detailed rebuttal to former CEO Vishal Garg's claim that holders of over 46% of voting power support his consent solicitation. The company states Garg has not obtained consents from anywhere near that level, with most support coming from his own super-voting shares and long-time allies, and minimal traction with public investors. It also reveals that Garg previously claimed over 50% support, which proved false, and that the company provided three share ownership lists to Garg's counsel, who allegedly failed to share them with Garg. This follows the Garg Group's September 21 filing claiming 46% support, and the company's ongoing consent revocation campaign. The dispute over actual support levels is central to the proxy contest outcome, and the company's specific rebuttal may influence undecided shareholders. The next key event is the completion of the consent solicitation, though no date is specified.
At the time of this announcement, BETR was trading at $13.13 on NASDAQ in the Finance sector, with a market capitalization of approximately $249.8M. The 52-week trading range was $11.11 to $94.06. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: BusinessWire.