View Discloses Cash Balance of $201M as of End of Q1 2022
May 11 2022 - 2:13AM
View, Inc. (NASDAQ: VIEW), the leader in smart building
technologies, today announced its cash position of $201 million as
of the end of Q1 2022 with no substantial debt on its balance
sheet. When the Company issues its 2021 financial statements, it
anticipates that its reported cash outflow from operations for the
twelve months ended December 31, 2021, ranged from $260 million to
$270 million.
The Company anticipates that it will be disclosing substantial
doubt about the Company’s ability to continue as a going concern,
as the Company does not currently have adequate financial resources
to fund its forecasted operating costs and meet its obligations for
at least twelve months from the expected issuance date of its 2021
financial statements. While the Company will look to raise capital,
there can be no assurance that the necessary financing will be
available or will be available on terms acceptable to the
Company.
As previously reported, the investigation of the Company’s Audit
Committee into its previously reported warranty accrual is now
complete. View continues to make substantial progress with its
financial restatement and related filings.
To date, outside of the previously reported misstatements in
warranty-related accruals, no material errors have been identified
in the restatement process, which remains subject to the completion
of the Company’s financial close process and the completion of the
financial statement audit.
As previously reported, Nasdaq has granted View a stay of
delisting through the end of May 2022 and completion of its
delinquent filings will allow View to regain compliance with
applicable Nasdaq listing requirements. The Company will announce
an earnings date and dial-in details closer to the date of expected
filing.
Forward-Looking Statements
This press release and certain materials View files with the
SEC, as well as information included in oral statements or other
written statements made or to be made by View, other than
statements of historical fact, contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 as amended. These forward-looking statements are
based on current expectations, estimates, assumptions, projections,
and management’s beliefs, that are subject to change. There can be
no assurance that these forward-looking statements will be
achieved; these statements are not guarantees of future performance
and are subject to certain risks, uncertainties, and other factors,
many of which are beyond View’s control and are difficult to
predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in such
forward-looking statements. View’s business is subject to a number
of risks which are described more fully in View’s definitive proxy
statement filed with the SEC on February 16, 2021, as amended
on February 23, 2021, which is incorporated by reference into
its Current Report on Form 8-K filed on March 12,
2021. View undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date
hereof.
About View
View is the leader in smart building technologies that transform
buildings to improve human health and experience, reduce energy
consumption and carbon emissions, and generate additional revenue
for building owners. View Smart Windows use artificial intelligence
to automatically adjust in response to the sun, eliminating the
need for blinds and increasing access to natural light. Every View
installation includes a cloud-connected smart building platform
that can easily be extended to reimagine the occupant experience.
View is installed and designed into more than 90 million square
feet of buildings including offices, hospitals, airports,
educational facilities, hotels, and multi-family residences. For
more information, please visit: www.view.com.
For further information:
Investors: Samuel
MeehanView, Inc. IR@View.com408-493-1358
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