Sovereign Wealth-Backed View Inc Faces Cracks as it Struggles to Remain Listed
Posted on 12/27/2021
View Inc. is a smart glass manufacturer that has backing from sovereign wealth funds such as GIC Private Limited and the New Zealand Superannuation Fund as well as SoftBank Group. On December 20, 2021, the View Inc. received a letter from Nasdaq noting that the company was not in compliance with the requirements of Nasdaq Listing Rule 5605. The letter also acknowledged that Nasdaq Listing Rule 5605(c)(4) provides a cure period in order for View Inc. to regain compliance.
View Inc. went public through a SPAC merger and the company has failed to file timely quarterly 10-Q financial forms each of the last two quarters. View Inc. generated quarterly revenue of US$ 11,805,000 in the three months ended March 31, 2021 and had net and comprehensive loss of US$ 64,502,000 for that quarterly period.
View Inc. is installed and designed in over 90 million square feet of buildings including offices, hospitals, airports, educational facilities, hotels and multi-family residences. View Inc. generates revenue from the manufacturing and sale of insulating glass units that are coated on the inside with a proprietary technology and are designed and built to customer specifications that include sizes for specific windows, skylights, and doors in specified or designated areas of a building and selling the Controls, Software and Services (CSS), which includes electrical connections schema, sky sensors, window controllers and control panels with embedded software, cables and connectors that when combined with the IGUs enable the IGUs to tint.
Keywords: View, Inc.