SoftBank’s View just narrowly escaped running out of cash. Here’s how it went from investor darling to one of the worst SPAC deals ever.

Share to friends
GIF of Rao Mulpuri shattering with numbers behind him
View CEO Rao Mulpuri.

Three months in the previous, SoftBank-funded View Inc. revealed it did not have enough cash to meet forecasted costs previous November with out elevating capital or exercising its chance to promote shares to its SPAC sponsor, Cantor Fitzgerald. View has offer you funding just in the nick of time.

The California glassmaker announced on October 27 that it raised $200 million in convertible senior notes due in 2027. The funding was led by an affiliate of RKR and included USAA Real Estate, Anson Funds, and the environmental strategies group of BNP Paribas Asset Management.

READ ALSO  Robinhood unveils new platform that will give retail investors access to IPO shares

View has struggled since going public decrease than two years in the previous by manner of SPAC, and was nearly delisted by the New York Stock Exchange for failing to file fairly a couple of financial statements. (The agency regained compliance in late June).

For these wanting from the exterior, View’s troubles acquired right here on out of the blue, nonetheless insiders said the agency burned cash and struggled with product failures for years. Insider spoke with 27 former employees and two current employees all through View’s finance, product sales, promoting and advertising and marketing, factory-operations, engineering, recruiting, and IT departments.

The latest fundraise is typical of View’s controversial CEO Rao Mulpuri, who has managed to elevate cash for View a quantity of events when the agency ran perilously low on cash, along with from the now-bankrupt financier Greensill Capital.

READ ALSO  Former Wells Fargo CEO John Stumpf banned for life from banking, ordered to pay $17.5M

“He’s always been able to pull a rabbit out of a hat when it comes to procuring more money for the company,” one banker familiar with View said.

SUBSCRIBE TO READ THE FULL STORY: SoftBank’s View went from investor darling to one of the worst SPAC deals ever. Insiders say the glass maker has struggled with cash burn for years, while many lived in fear of being fired.

Editor’s observe: This article was first revealed in June 2022 and has been up to date to mirror newest developments.

Read the genuine article on Business Insider

Go to Source