Shares of Better Home & Finance slipped below 52-week lows after the company adopted a limited-duration shareholder-rights plan, a move it said it is making in the face of an attempt by founder and former Chief Executive Officer Vishal Garg to regain control of the company.

Better Home & Finance stock fell about 12%, to $11.52, midday Thursday after touching a 52-week low of $11.50 earlier in the session. Shares have dropped about 65% so far this year.

The company said the shareholder-rights plan would generally become exercisable if a person or group becomes the beneficial owner of 15% or more of any class of its then-outstanding common stock, or 15% or more of the voting power of the then-outstanding shares of capital stock of the company.

The plan is expected to expire at the 2027 annual meeting of stockholders, the company added.

Earlier this week, Garg sought to have five members of the company's board removed. The following day, Better Home & Finance Holding filed a complaint in a lawsuit pending against Garg.

On Aug. 3, the company said Daniel Lewis was named as interim CEO to succeed Garg.