Exhibit 99.1
View’s Reverse Stock Split Expected to Become Effective for Trading on July 27, 2023,
Board Selects 60-for-1 Reverse Stock Split Ratio
MILPITAS, Calif. – July 26, 2023 – View, Inc. (Nasdaq: VIEW) (“View” or the “Company”) today announced that its Board of Directors has approved a reverse stock split of the Company’s Class A common stock at a ratio of 60-for-1. The reverse stock split was previously approved by the Company’s stockholders at the Company’s 2023 annual meeting held on July 25, 2023.
The market effective date of the reverse stock split, as of the opening of business, will be July 27, 2023. Once effective, the reverse stock split will reduce the number of shares of the Company’s Class A common stock issued and outstanding, from approximately 242.4 million to approximately 4.0 million.
No fractional shares will be issued as a result of the reverse stock split. In lieu thereof, the Company’s transfer agent, Continental Stock Transfer & Trust Company, will aggregate all fractional shares and sell them as soon as practicable after the effective time of the reverse stock split at then-prevailing prices on the open market. After the transfer agent’s completion of such sales, stockholders who would have been entitled to fractional shares as a result of the reverse stock split will instead receive a cash payment from the transfer agent in an amount equal to their respective pro rata portion of the total proceeds of those sales.
The objective of the reverse stock split is to ensure that View regains full compliance with the Nasdaq Stock Market LLC’s (“Nasdaq”) share price listing rule and maintains its listing on Nasdaq. As previously announced, View will regain compliance with Nasdaq’s per share price listing rule if the bid price for the Company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days during the compliance period ending August 14, 2023.
View’s Class A common stock will begin trading on a split-adjusted basis on Nasdaq at the market open on July 27, 2023. The trading symbol for View’s Class A common stock will remain “VIEW”. The new CUSIP number for View’s Class A common stock following the reverse stock split is 92671V 304.
About View
View is the leader in smart building technologies that transform buildings to improve human health and experience, reduce energy consumption and carbon emissions, and generate additional revenue for building owners. View Smart Windows use artificial intelligence to automatically adjust in response to outdoor conditions, eliminating the need for blinds and increasing access to natural light. Every View installation includes a cloud-connected smart building platform that can easily be extended to reimagine the occupant experience. View’s products are installed in offices, apartments, airports, hotels, and educational facilities. For more information, please visit: www.view.com.