Better Home & Finance Holding Co. is the subject of a consent solicitation in which the Garg Group reported written consents representing over 51% of voting shares; the group said its 90-day plan would proceed upon formal acceptance of the results. The plan calls for removing directors Daniel Lewis, Harit Talwar, Bhaskar Menon, Arnaud Massenet and Prabhu Narsimhan, appointing Bing Gordon and Steve Sarracino to the board, and engaging an interim CEO.
The plan proposes raising annual cost-savings targets from $45 million to $60 million, finalizing Tinman AI platform partnerships, aiming for $2 billion in quarterly combined HELOC volume, and selling the UK banking operations. The Garg Group also proposed a $30 million stock buyback following asset sales and efficiency realizations, with an initial $10 million tranche upon board approval. Following the transition, founder and former CEO Vishal Garg would serve as Head of Product, Platform, and Innovation.
Better Home & Finance Holding Company (BETR) has a new institutional ownership disclosure showing that funds affiliated with Millennium now report beneficial ownership of a bit more than five percent of the Class A common stock. Integrated Core Strategies (US) LLC reports beneficial ownership of 681,001 shares, representing 5.1% of this class.
Millennium Management LLC, Millennium Group Management LLC and Israel A. Englander each report beneficial ownership of 730,265 shares, or 5.5% of the Class A common stock, with shared voting and dispositive power and no sole power. The percentages include shares underlying warrants deemed exercisable within sixty days under Rule 13d-3(d)(1)(i).