AURORA ACQUISITION CORP. : Entry into a Material Definitive Agreement, Other Events, Financial Statements and Exhibits (form 8-K)

Item 1.01 Entry Into A Material Definitive Agreement.

On February 23, 2023, Aurora Acquisition Corp., a Cayman Island exempted company ("Aurora" or the "Company"), Novator Capital Sponsor Ltd., a Cyprus limited liability company (the "Sponsor"), certain individuals, each of whom is a member of the board of directors and/or management team of Aurora (the "Insiders"), and Better HoldCo, Inc. a Delaware corporation ("Better"), entered into a limited waiver (the "Limited Waiver") to the Amended and Restated Letter Agreement (the "A&R Letter Agreement"), dated as of May 10, 2021, by and among Aurora, the Sponsor and the Insiders. In the A&R Letter Agreement, the Sponsor and each Insider waived, with respect to any shares of Capital Stock (as defined in the A&R Letter Agreement) held by it, him or her, if any, any redemption rights it, he or she may have in connection with (i) a shareholder vote to approve the Business Combination (as defined below), or (ii) a shareholder vote to approve certain amendments to the Company's amended and restated articles of association (the "Redemption Restriction"). Pursuant to the Limited Waiver, the Company and the Insiders have agreed to waive the Redemption Restriction as it applies to the Sponsor to the limited extent required to allow the redemption of up to an aggregate of $17 million worth of Novator Private Placement Shares (as defined below) held by it in connection with the shareholder vote to approve an amendment to the Company's amended and restated memorandum and articles of association (the "Extraordinary General Meeting"). "Novator Private Placement Shares" are the Class A ordinary shares included in the units sold by the Company in a private placement that closed simultaneously with the closing of the Company's initial public offering.

As consideration for the Limited Waiver, Sponsor has agreed: (a) if its business combination (the "Business Combination") with Better is completed on or before September 30, 2023, to subscribe for and purchase common stock of Better Home & Finance Holding Company, the combined company surviving the Business Combination (the "Common Stock"), for aggregate cash proceeds to Better equal to the actual aggregate amount of Novator Private Placement Shares redeemed by it in connection with the Limited Waiver (the "Sponsor Redeemed Amount") at a purchase price of $10.00 per share of Common Stock on the closing date of the Business Combination; or (b) if the Business Combination is not completed on or before September 30, 2023, to subscribe for and purchase for $35 million aggregate cash proceeds to Better, at Sponsor's election, (x) a number of newly issued shares of Better's Company Series D Equivalent Preferred Stock (as defined in the Bridge Note Purchase Agreement referred to in the Second Side Letter (as defined in the Limited Waiver)) at a price per share that represents a 50% discount to the Pre-Money Valuation (as defined below) or (y) for a number of shares of Better's Class B common stock at a price per share that represents a 75% discount to the Pre-Money Valuation. "Pre-Money Valuation" means the $6.9 billion pre-money equity valuation of Better based on the aggregate amount of fully diluted shares of Better's common stock on an as-converted basis.

As further consideration for the Limited Waiver, the Sponsor has agreed to reimburse the Company for reasonable and documented expenses incurred by the Company in connection with the Business Combination, up to the Sponsor Redeemed Amount, to the extent such expenses are not otherwise subject to reimbursement by Better pursuant to the Agreement and Plan of Merger, by and among Better, the Company, and Aurora Merger Sub I, Inc., a Delaware corporation, dated as of May 10, 2021 (as amended, modified or supplemented from time to time in accordance with its terms).

The Limited Waiver and the aforementioned investment and reimbursement agreed to by our Sponsor are intended to provide the Company with additional flexibility to complete the Business Combination and increase the certainty that the Business Combination will be completed by September 30, 2023 (or if such date is further extended at a duly called extraordinary general meeting, such later date). Consistent with the previously disclosed side letter, prior to the Extraordinary General Meeting, Aurora and Better expect to enter into an amendment to the Merger Agreement to extend the outside date to September 30, 2023.

The foregoing descriptions of the Limited Waiver and of the A&R Letter Agreement do not purport to be complete and are subject to, and qualified in their entirety by, the terms and conditions of the Limited Waiver, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference and of the A&R Letter Agreement, a copy of which was filed as Exhibit 10.17 to Aurora's Quarterly Report on Form 10-Q filed on November 14, 2022 and incorporated herein by reference.

Item 8.01 Other Events.

In connection with the Limited Waiver, on February 23, 2023, Aurora issued a press release announcing (i) the postponement of the Extraordinary General Meeting from February 24, 2023, at 9:00 a.m. Eastern Time, to February 24, 2023, commencing at 5:30 p.m. Eastern Time; and (ii) the resulting extension of the deadline for the Company's shareholders to deliver redemption requests to the Company's transfer agent, or to withdraw any previously delivered demand for redemption, in connection with the Extraordinary General Meeting, from 5:00 p.m. Eastern Time on February 22, 2023 to 4:00 p.m. Eastern Time on February 24, 2023.

The press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

Important Information for Investors and Shareholders

This communication relates to the Business Combination. This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Aurora has filed with the U.S. Securities and Exchange Commission ("SEC"), a registration statement on Form S-4, which includes a preliminary proxy statement/prospectus in connection with the Business Combination. A definitive proxy statement/prospectus will be sent to all Aurora shareholders. Aurora also will file other documents regarding the Business Combination with the SEC. Before making any voting decision, investors and security holders of Aurora are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Neither the SEC nor any securities commission or any other U.S. or non-U.S. jurisdiction has approved or disapproved of the Business Combination or information included herein.

Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Aurora through the website maintained by the SEC at www.sec.gov. The documents filed by Aurora with the SEC also may be obtained free of charge at Aurora's website at https://aurora-acquisition.com/ or upon written request to Aurora Acquisition Corp., 20 North Audley Street, London W1K 6LX, United Kingdom, Attention: Arnaud Massenet, Chief Executive Officer, [phone].

Participants in the Solicitation

Aurora and its directors and executive officers may be deemed participants in the solicitation of proxies from Aurora's shareholders with respect to the Extension Proposal and the Business Combination. A list of the names of those directors and executive officers and a description of their interests in Aurora is contained in Aurora's registration statement on Form S-4, which was initially filed with the SEC on August 3, 2021, Aurora's Annual Report on Form 10-K filed with the SEC on March 25, 2022, any subsequent Quarterly Report on Form 10-Q filed with the SEC and in the other reports the Company file with the SEC, including the Extension Proxy Statement, each of which is available free of charge at the SEC's web site at sec.gov, or by directing a request to Aurora Acquisition Corp., 20 North Audley Street, London W1K 6LX, United Kingdom, Attention: Arnaud Massenet, Chief Executive Officer, [phone]. Better and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Aurora in connection with the Business combination. A list of the names of such directors and executive officers and information regarding their interests in the Business combination is contained in the registration statement.

Forwarding Looking Statements

This communication only speaks at the date hereof and contains, and related discussions may contain, "forward-looking statements" within the meaning of U.S. federal securities laws. These statements include descriptions regarding the intent, belief, estimates, assumptions or current expectations of Aurora, Better or their respective officers with respect to future events and plans of Aurora and Better. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as "expect", "believe", "foresee", "anticipate", "intend", "estimate", "goal", "strategy", "plan", "target" and "project" or conditional verbs such as "will", "may", "should", "could" or "would" or the negative of these terms, although not all forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs, estimates and projections, and various assumptions, many of which are inherently uncertain and beyond Aurora's and Better's control. Such expectations, beliefs, estimates and projections are expressed in good faith, and management believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Better is experiencing significant changes within the mortgage lending and servicing ecosystem which have magnified such uncertainties. In the past, actual results have differed from those suggested by forward-looking statements and this may happen again.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, Better's performance, capabilities, strategy, and outlook; our expectations regarding the sustainability of Better's rapid growth and its ability to manage its growth effectively; the demand for Better's solutions and products and services, including the size of Better's addressable market, market share, and market trends; Better's ability to operate under and maintain Better's business model; Better's ability to develop and protect its brand; our expectations regarding financial performance including Better's operational and financial targets; our estimates regarding expenses, future revenue, capital requirements and Better's need for additional financing; the degree of business and financial risk associated with certain of Better's loans; the high volatility in, or any inaccuracies in the estimates of, the value of Better's assets; any changes in macro-economic conditions and in U.S. residential real estate market conditions, including changes in prevailing interest rates or monetary policies and the effects of the ongoing COVID-19 pandemic; Better's expectations regarding the impact of the COVID-19 pandemic on Better's business including on the volume of consumers refinancing existing loans, Better's ability to produce loans, liquidity and employees; Better's competitive position; Better's ability to improve and expand its information technology and financial infrastructure, security and compliance requirements and operating and administrative systems; Better's future investments in its technology and operations; Better's intellectual property position, including its ability to maintain, protect and enhance Better's intellectual property; the need to hire additional personnel and Better's ability to attract and retain such personnel; Better's ability to obtain additional capital and maintain cash flow or obtain adequate financing or financing on terms satisfactory to it; the effects of Better's existing and future indebtedness on its liquidity and Better's ability to operate our business; our expectations concerning relationships with third parties; Better's plans to adopt the secured overnight financing rate ("SOFR"); the impact of laws and regulations and Better's ability to comply with such laws and regulations including laws and regulations relating to fair lending, real estate brokerage matters, title and settlement services, consumer protection, advertising, tax, title insurance, loan production and servicing activities, data privacy, and anti-corruption; any changes in certain U.S. government-sponsored entities and government agencies, including Fannie Mae, Freddie Mac, Ginnie Mae and the FHA; Aurora's expectations regarding the period during which it will qualify as an emerging growth company under the JOBS Act; the increased expenses associated with being a public company; and Better's anticipated use of existing resources and the proceeds from the Business Combination.

There may be other risks not presently known to Aurora, Better or their respective officers or that Aurora, Better or their respective officers presently believe are not material that could also cause actual results to differ materially. Analysis and opinions contained in this communication may be based on assumptions that, if altered, can change the analysis or opinions expressed. In light of the significant uncertainties inherent in the forward-looking statements included in this communication, the inclusion of such forward-looking statements should not be regarded as a representation by Aurora, Better, or their respective officers or any other person that the objectives and plans set forth in this report will be achieved, and you are cautioned not to place substantial weight or undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date they are made and, Aurora and Better each disclaims any obligation, except as required by law, to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

No Offer or Solicitation

This Current Report on Form 8-K shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This Current Report on Form 8-K shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The exhibits listed in the following Exhibit Index are filed as part of this Current Report.

Exhibit
  No.                                      Description

  10.1        Limited Waiver to Amended and Restated Letter Agreement, dated
            February 23, 2023 by and among Aurora Acquisition Corp., Novator Capital
            Sponsor Ltd., certain individuals and Better HoldCo, Inc.
  99.1        Press Release, dated February 23, 2023.
104         Cover Page Interactive Data File (embedded within the Inline XBRL
            document).

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