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

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

Three months in the past, SoftBank-funded View Inc. revealed it didn’t have sufficient money to meet forecasted prices past November with out elevating capital or exercising its possibility to promote shares to its SPAC sponsor, Cantor Fitzgerald. View has provide you with 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 methods group of BNP Paribas Asset Management.

View has struggled since going public lower than two years in the past by way of SPAC, and was almost delisted by the New York Stock Exchange for failing to file quite a few monetary statements. (The firm regained compliance in late June).

For these trying from the outdoors, View’s troubles got here on all of the sudden, however insiders stated the firm burned money and struggled with product failures for years.¬†Insider spoke with 27 former workers and two present workers throughout View’s finance, gross sales, advertising and marketing, factory-operations, engineering, recruiting, and IT departments.

The newest fundraise is typical of View’s controversial CEO Rao Mulpuri, who has managed to increase money for View a number of instances when the firm ran perilously low on money, together with from the now-bankrupt financier Greensill Capital.

“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 accustomed to View stated.

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 be aware: This article was first revealed in June 2022 and has been up to date to mirror latest developments.

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