Special Committee Urges Rejection of Garg's Board Takeover Bid
BETR sits 25% above its 52-week low of $11.111.
Summary
Better's Special Committee sent shareholders a detailed letter urging rejection of former CEO Vishal Garg's consent solicitation, citing his poor track record and warning that two independent directors would resign if he returns.
Key Events · Corporate Governance and Compliance · BETR
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Special Committee Rejects Garg Campaign
On August 28, 2026, the Special Committee sent a shareholder letter urging rejection of former CEO Vishal Garg's consent solicitation to remove five of eight directors and return himself to a leadership role.
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Director Departures Threaten Board Control
Independent directors Hugh Frater and Michael Farello have indicated they would not continue serving if Garg returns in an executive capacity, potentially leaving Garg as the only remaining director with control over replacement selections.
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Garg's Performance Record Criticized
The letter cites Garg's $5B revenue projection for 2023 versus actual $72M, a missed $1B monthly loan origination target by over 40%, and Q3 Adjusted EBITDA loss guidance of $15-18M.
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Cost Savings Target Exceeded
The Company now expects to exceed its previously announced $45M annualized cost savings target and is advancing the process to sell its U.K.-based bank.
Analysis · BETR · Finance
The Special Committee's new shareholder letter escalates the proxy fight with former CEO Vishal Garg by adding specific performance failures — a $5B revenue projection that came in at $72M, a missed $1B monthly origination target by over 40%, and Q3 Adjusted EBITDA loss guidance of $15-18M. It also reveals that two independent directors would leave if Garg returns, meaning a successful consent solicitation could leave Garg as the only remaining director with control over all replacements. The letter confirms the Company now expects to exceed its $45M annualized cost savings target and is advancing the U.K. bank sale, but the core message is that Garg's campaign threatens the CEO search and operational focus.
How filings like this one have moved
In the 30 days to Sep 9, 2026, 36.4% of the 1919 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BETR was trading at $13.85 on NASDAQ in the Finance sector, with a market capitalization of approximately $263.1M. The 52-week trading range was $11.11 to $94.06. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.