Garg Retakes Better Home Board; Nasdaq Non-Compliance Follows
Company Background
Better Home & Finance Holding Company (NASDAQ: BETR) is an AI-native mortgage and home equity finance platform founded by Vishal Garg. The company uses its Tinman® platform to originate purchase, refinance, and HELOC loans and has built a growing enterprise and wholesale channel it calls Platform Loan Volume. With a market cap of approximately $192.8 million, Better remains unprofitable but has been narrowing losses — second-quarter 2026 total net revenues reached $54.7 million, up 28% year over year, and the adjusted EBITDA loss improved to $14.0 million from $22.9 million a year earlier.
Garg stepped down as CEO on August 3, 2026, with the board appointing director Daniel Lewis as Interim CEO in his place. Within weeks, Garg began a formal consent solicitation to remove the independent directors who had overseen his departure — a move the board's Special Committee characterized in an August 20 press release as an effort to "seize control of the Company without paying a control premium." The Special Committee adopted a shareholder rights plan the same day to defend against the solicitation, a defense that ultimately failed.
What Was Disclosed
On September 30, 2026, Garg and his allied stockholders — collectively referred to in the filing as the "Garg Group" — delivered written consents representing a majority of the outstanding voting power of Better's common stock. Those consents removed five directors without cause, effective immediately: Daniel Lewis, Arnaud Massenet, Bhaskar Menon, Prabhu Narasimhan, and Harit Talwar. The consent vote was certified by an inspector of election on October 5, 2026, with 13,633,243 votes in favor of each removal and 30,154 against.