Recent financial statements included a going-concern warning. The struggles extend to other types of vehicles. How has your approach to SPACs changed in the past year? Join the conversation below.
The company said in a recent filing that it expected to include a going-concern warning when it reports those results May 31, adding it doesn’t have “adequate financial resources” to fund its operations in the next 12 months. View has said it is in the process of restating its earnings. It hasn’t reported any quarterly financial results since May 2021, and the Nasdaq has warned it may delist the stock, which is down more than 90% from its peak.
As of year-end, it had $281 million, down from $518 million just nine months earlier. The company told investors it didn’t expect to need additional financing before it would become profitable. View merged with a SPAC in 2021, raising $815 million. In an investor presentation, it compared itself with The Silicon Valley-based company won over deep-pocketed startup funder Manufactures windows that automatically change in tint based on sunlight. WSJ explains why some critics say investing in these so-called blank-check companies isn’t worth the risk. Private companies are flooding to special-purpose acquisition companies, or SPACs, to bypass the traditional IPO process and gain a public listing.
