PRESS RELEASE
View, Inc. (Nasdaq: VIEW) (“View” or the “Company”), a leader in smart building technologies, today announced it reached an agreement with Cantor Fitzgerald, L.P. (“Cantor Fitzgerald”), RXR Realty (“RXR”), and certain of the Company’s stakeholders on the terms of a financial restructuring that is designed to strengthen the firm’s balance sheet and better position View for the future (the “Proposed Transaction”).
To ensure a timely process, View and certain of its subsidiaries will commence prepackaged Chapter 11 cases in the District of Delaware. During this time, View expects its operations to continue as normal. View also expects that trade claims will be unaffected, orders will continue to be fulfilled, and customers will continue to be supported.
The Company expects to obtain court approval for the Proposed Transaction within 45 days of April 2, 2024. Shortly thereafter, View expects to emerge as a privately held company with a reorganized board of directors, whereby Howard Lutnick, Chairman & CEO of Cantor Fitzgerald, and Scott Rechler, Chairman & CEO of RXR, will provide support and guidance to View on its operational structure and corporate strategy.
“Today’s announcement marks the culmination of a thorough strategic review of our business operations to help ensure we have the proper capital structure going forward,” said Dr. Rao Mulpuri, CEO of View. “With the support of Cantor Fitzgerald and RXR, we intend to maximize our business potential with increased financial stability and be better positioned to increase our presence across the real estate ecosystem.”
Dr. Mulpuri continued, “Over the years, we made significant progress in building our business and, today, have well-established products, operations, and customers. We remain committed to our mission of creating smart, healthy and sustainable buildings.”
“We continue to be impressed with View’s products and software services,” said Howard W. Lutnick, Chairman & CEO of Cantor Fitzgerald. “Our financing is intended to allow View to continue to develop their innovative offerings for the real estate industry.”
“View’s smart windows make buildings more sustainable, experiential, healthier, and smarter,” said Scott Rechler, Chairman and CEO of RXR. “We look forward to working closely with Howard Lutnick and Cantor Fitzgerald to help View restructure its balance sheet and emerge with a Company that is fit for the future.”
Transaction Details
The Proposed Transaction would result in View’s existing senior secured term loans and unsecured convertible notes being cancelled and the holders receiving 100% of the equity interests in the reorganized Company and existing equity interests being cancelled.
To facilitate the Proposed Transaction, View, Cantor Fitzgerald, RXR, and certain other investors have executed a Restructuring Support Agreement, dated April 2, 2024 (the “Restructuring Support Agreement”). The parties to the Restructuring Support Agreement represent 90.3% of the Company’s noteholders and 100% of the Company’s term lenders.
The Proposed Transaction would be implemented through a court-supervised process and, as such, the Company and certain of its subsidiaries will commence prepackaged Chapter 11 cases in the District of Delaware. Cantor Fitzgerald, RXR, and other investors have committed to provide debtor-in-possession financing to fund the Chapter 11 cases and the Proposed Transaction contemplates additional new money contributions in connection with emergence.
Additional Information
Additional details regarding the Proposed Transaction can be found in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on April 2, 2024.
As previously announced, by letter dated January 26, 2024, the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) determined to delist View’s securities from Nasdaq. View previously requested a hearing before the Nasdaq Hearings Panel, which request stayed the Staff’s delist determination at least pending completion of the hearing and the expiration of any extension that may be granted. On April 2, 2024, View withdrew from its hearing before the Nasdaq Hearings Panel in connection with the commencement of the Chapter 11 cases.
Additional information on the Chapter 11 cases, including court filings and other information related to the proceedings, will be available on a website administrated by the Company’s claims agent, Kroll Restructuring Administration LLC, at https://cases.ra.kroll.com/View.
Cole Schotz, P.C. serves as legal advisor and SOLIC Capital serves as financial advisor to View. Sidley Austin LLP serves as legal advisor to Cantor Fitzgerald. Gibson, Dunn & Crutcher LLP serves as legal advisor to RXR.
