View Inc., a smart glass manufacturer and building data platform, is in danger of being taken off the Nasdaq exchange.
The threat to the SoftBank-backed startup comes only nine months after the company went public through a SPAC merger, Insider reported.
The company has failed to file quarterly 10-Q financial forms each of the last two quarters, according to Insider. Nasdaq has responded with multiple notices warning View is not in compliance with SEC regulations, making the company one of only four noncompliant with the exchange to receive multiple delinquency notices.
The second notice prompted a requirement for View to outline a plan to Nasdaq to become compliant again. The company would have up to 180 days from mid-August to enact the plan and submit revised reports, though the timing of enforcement is at Nasdaq’s discretion.
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According to Insider, View filed as recently as Nov. 9 to state that the company wouldn’t meet Nasdaq’s extended deadline, citing an audit announced in August. The audit uncovered reporting inaccuracies within the company, which revised its liabilities estimate from $22 million to a range between $40 million to $58 million through March 2021. CFO Vidul Prakash resigned as a result of the probe.
View’s fall is stunning considering where the company was a year ago. In December 2020, the company announced a deal to go public via a SPAC sponsored by Cantor Fitzgerald, which valued the company at $1.6 billion and helped it reel in about $800 million.
The company was founded in 2007, manufacturing “dynamic” glass windows with the capability of reducing heat and glare and adjusting in response to light. The company raised nearly $1.5 billion from investors, including a $1.1 billion investment from SoftBank in November 2018.
Despite the impending threat, View still appears to be making business moves. Last week, the company announced an agreement to acquire data analytics platform WorxWell from RXR Realty. Terms of the acquisition were not disclosed.
[Insider] — Holden Walter-Warner