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Better authorizes up to $30 million stock buyback starting with $10 million
The program begins with an initial $10 million phase of Class A common stock buybacks and is set to run through Oct. 8, 2027.
Better Home and Finance Holding Co. has authorized a stock repurchase program of up to $30 million, with the company starting buybacks of its Class A common stock at $10 million, HousingWire reported.
The authorization runs through Oct. 8, 2027, and repurchases will depend on factors including the trading price and volume, Better’s liquidity, and the pace of its cost savings plan, according to the report.
HousingWire said the buyback plan follows renewed leadership for founder Vishal Garg, who regained control of the board and now serves as chief platform, product and innovation officer after being removed as CEO in early August in favor of activist investor Daniel Lewis.
The move also ties to Better 2.0, a plan announced earlier this week that links capital returns to shareholders with operational savings and asset sales, including a proposed divestiture of its U.K. bank initiatives, the report added.