Vishal Garg Wins Majority Voting Support to Retake Better, Offering $30 Million Buyback
Updated
Updated · HousingWire · Aug 14
Vishal Garg Wins Majority Voting Support to Retake Better, Offering $30 Million Buyback
3 articles · Updated · HousingWire · Aug 14
Summary
Shareholders holding a majority of Better’s voting power signed declarations backing Vishal Garg’s push to regain control, giving him leverage to call a special meeting if the board refuses his demands.
Garg’s plan would reinstall him with a $1 salary until profitability, force out most directors, launch a CEO search and pair a new board with a $30 million stock repurchase, including $10 million in five trading days.
The fight comes 10 days after board member Daniel Lewis replaced Garg as interim CEO and after Better reported a $14 million adjusted EBITDA loss in Q2, with Q3 losses projected at $15 million to $18 million.
Garg argues Better’s turnaround is real despite the losses: Q2 revenue reached $54.7 million, funded loan volume rose to $1.67 billion, and loan production cost fell below $3,000 from about $12,000 since early 2024.
Better’s stock has fallen more than 90% since its 2023 SPAC debut, while management ally Ryan Grant dismissed the shareholder campaign as board-control “drama” and said operations would stay on their current path.