View Inc., a Delaware-incorporated company listed on The Nasdaq Global Market, has reported significant developments in its ongoing financial restructuring. On April 2, 2024, View Inc. entered into a Restructuring Support Agreement (RSA) and filed for Chapter 11 bankruptcy protection. The company secured a $17.5 million debtor-in-possession (DIP) financing facility from existing lenders, with the potential to convert into an exit facility, and a $32.5 million new-money exit financing facility upon emergence from bankruptcy. The Bankruptcy Court granted interim approval for the DIP Facility on April 4, 2024, with final approval pending a hearing scheduled for April 26, 2024. The DIP Facility, which is subject to customary conditions and the RSA remaining in effect, will be used for working capital, adequate protection payments, and bankruptcy...Show More

View Inc., a Delaware-incorporated company listed on The Nasdaq Global Market, has reported significant developments in its ongoing financial restructuring. On April 2, 2024, View Inc. entered into a Restructuring Support Agreement (RSA) and filed for Chapter 11 bankruptcy protection. The company secured a $17.5 million debtor-in-possession (DIP) financing facility from existing lenders, with the potential to convert into an exit facility, and a $32.5 million new-money exit financing facility upon emergence from bankruptcy. The Bankruptcy Court granted interim approval for the DIP Facility on April 4, 2024, with final approval pending a hearing scheduled for April 26, 2024. The DIP Facility, which is subject to customary conditions and the RSA remaining in effect, will be used for working capital, adequate protection payments, and bankruptcy-related costs. View Inc. will pay a closing fee of 3% and a monthly commitment fee of 2% on the undrawn DIP Facility Commitment. Interest rates on the DIP Facility are set at SOFR + 7.50% per annum if paid in cash, or SOFR + 14.00% if paid-in-kind. The company's obligations under the DIP Facility are secured by a first-priority lien on all assets. The announcement also notes that the Nasdaq Stock Market LLC has decided to delist View Inc.'s Class A common stock and warrants, with trading suspension effective April 5, 2024. View Inc. has made forward-looking statements regarding the Chapter 11 Cases and the DIP Facility, acknowledging that actual outcomes may differ due to various risks and uncertainties.