Aurora Acquisition (AURC) Stock

CNBC's Deirdre Bosa takes a look at the return of the SPAC.

Welcome back to The Interchange, where we take a look at the hottest fintech news of the previous week. Better.com finally went public last week, and the stock's performance was worse than expected.

Sometimes things go better, sometimes things go worse.  Other times a mortgage lender goes public just as new American mortgage applications slump to the lowest level in 28 years.

Kevin Ryan, Better President & CFO, joins Yahoo Finance Live anchors Akiko Fujita and Seana Smith to discuss the company's public debut, its SPAC merger with Aurora Acquisition Corp (AURC), and the outlook for the company. Ryan spoke about why the deal made sense for the company now despite this being a poor time for mortgage lenders.

Mortgage demand isn't what it used to be: Both home purchase and refinance application volume have dropped below their booming levels in 2020 and 2021.

We didn't think we'd see the day. Digital mortgage lender Better.com's proposal to combine with Aurora Acquisition Corp. via a SPAC (special purpose acquisition) has been approved by shareholders, the company confirmed today.

Shares of Aurora Acquisition (NASDAQ: AURC ) — a special purpose acquisition company (SPAC) that has no operations of its own but exists to merge with a private business enterprise — popped sharply on Wednesday in anticipation of a critical shareholder vote. Aurora seeks to merge with mortgage automation platform Better.com, a deal delayed multiple times in part due to controversies.

Aurora Acquisition (NASDAQ: AURC ) stock is screaming higher today, up 160% as we speak. As a result, AURC stock is clearly trending on Friday.