Better SPAC Presentation Deck slide image

Better SPAC Presentation Deck

Transaction Overview Transaction Highlights Transaction values Better at a pre-transaction equity value of $6.9 billion and a pro-forma equity value of $7.8 billion An affiliate of SoftBank is will invest $1.3 billion in the PIPE Aurora's Sponsor, Novator Capital, to invest $200m via PIPE investment ● ● ● ● Novator Capital will backstop 100% of redemptions by AURC shareholders 6. Better is expected to receive approximately $1.8 billion of gross proceeds, $950 million of which will be allocated to existing Better shareholders Better Existing Better shareholders to receive super-voting shares at 3:1 Existing Better shareholders to maintain approximately 76% of pro forma ownership at transaction closing 1. Assumes Sponsor backstop of 100% of the shares redeemed by existing AURC shareholders pre-closing. 2. Subject to increase if secondary proceeds are lower than $950 million. 3. Includes 3.5 million of AURC units purchased by Founders in a private placement, consummated concurrently with the closing of the AURC Initial Public Offering in March 2021. 4. Pro forma share ownership at $10.00 per share. Excludes the dilutive impact of AURC public warrants and founder warrants. Transaction is expected to close in the second half of 2021, subject to customary regulatory approvals 5. Excludes the impact of 1.4 million AURC founder shares vesting ratably at $12.50, $15.00, and $17.50 within 5 years of Closing. Based on preliminary unaudited figures as of December 31, 2020 Estimated Sources & Uses Sources ($ mm) AURC Cash in Trust¹ PIPE Proceeds Better Equity Rollover² Total Sources Pro Forma Valuation ($ mm) Pro Forma Shares Outstanding Illustrative Share Price Pro Forma Equity Value (-) Pro Forma Cash (+) Pro Forma Debt Pro Forma Enterprise Value $278 1,500 5,950 $7,728 778.4 $10.00 $7,784 (1,121) 6 69 6 $6,732 Uses ($ mm) Cash to Balance Sheet Secondary Proceeds Better Equity Rollover² Illustrative Fees & Expenses Total Uses 19% Pro Forma Share Ownership 4% 1% 2 ■ Existing Better Shareholders ■AURC Shareholders $778 950 5,950 50 76% $7,728 4 PIPE Shareholders Founder Shares 35 5
View entire presentation