Nasdaq staff granted the lender an additional 180-day period, through Oct. 7, to come into compliance with a $1.00 per share requirement for listing. The company's stock has hovered under $1.00 per share since its Wall Street debut last August, and it received a delisting notice last October. 

Shareholders with the majority of voting power are on track to approve a reverse stock split at Better's June investor conference, the firm said in a Securities and Exchange Commission filing this week. A post-reverse stock split price over $1.00 per share would relieve Better of the requirement to redeem $528.6 million in convertible notes under a delisting scenario, a sum due to corporate sponsor SoftBank. 

At the end of 2023, Better had cash and cash equivalents of $554 million, according to its 10-K annual filing. Redeeming the sizable convertible note prior to its August 2028 maturity could have compromised the entire business, the lender disclosed. 

"If the Company is required to redeem the Convertible Note prior to maturity, the Company may not have sufficient available cash and cash equivalents or be able to obtain additional liquidity, on acceptable terms or at all, to enable the Company to redeem or refinance the Convertible Note and continue operating its business," the filing said. 

A representative for Better Wednesday morning shared news of the Nasdaq extension, while a spokesperson for Nasdaq referred to the company for comment. 

The maneuvering is the latest growing pain for the lender which went public last August, the most recent mortgage player to do so amid a difficult stretch for the industry. Better's merger with a special purpose acquisition company last year represented an arduous, two-year journey and delivered a significant capital infusion to the digital lender. 

It's also not the only mortgage firm to face delisting notices. Finance of America in February said it received a second notice from the New York Stock Exchange in the prior three months, while Altisource Asset Management Corp. received one in December. Impac Mortgage meanwhile was delisted from the NYSE American exchange last spring.

Other notable hurdles for Better remain. The business said the New York State Department of Financial Services has yet to approve its merger and could suspend or revoke its origination license, or impose penalties. New York doesn't represent more than 8% of its funded loan volume, however: California, Florida and Texas combined account for a third of its loan volume, according to its 10-K. 

A spokesperson for Better didn't respond to a question about the New York approval. 

Better reported a fourth quarter loss but has trimmed that figure down from massive, prior deficits and in March announced a new business model to hire experienced loan officers.