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‘It’s An Embarrassment’: The Downfall Of A $2 Billion SoftBank-Backed Smart Window Company

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View Inc. raised billions promising tint-shifting windows that saved energy costs. Now investors question if it should have ever gone public.

charges brought by the Securities and Exchange Commission that alleged its former CFO misstated the costs of replacing “many” defective windows by $28 million.

“It’s an embarrassment,” said Greg Bohlen, a View investor through his firm Union Grove Venture Partners. “It should never have been a public company.” Mulpuri is in talks to raise another $150 million senior convertible note with existing investors, which he insists will take the company to profitability. “I've done this since 2008,” he said. “Anytime a company is facing financing, it is an existential threat if you don't raise that financing, but the financing is a means to build the business.”SoftBank, the New Zealand Superannuation Fund and Singapore’s GIC sovereign wealth fund, which is no longer an investor, declined to comment.

View is one of several high profile companies to go public via SPAC merger only to fight for survival. Dozens of other heavily-funded SPAC-listed companies like WeWork and Latch now trade for pennies. Others areor going bankrupt, like Richard Branson’s Virgin Orbit Holdings, once valued at $3 billion and backed by Boeing.

 

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