Item 1.01 Entry into a Material Definitive Agreement.
Common Stock Purchase Agreement
On August 8, 2022, View, Inc. ("View"), a Delaware corporation, entered into a
Primary Common Stock Purchase Agreement with CF Principal Investments LLC
("CFPI"), a Delaware limited liability company, and a Standby Common Stock
Purchase Agreement with YA II PN, Ltd. ("Yorkville"), a Cayman Islands exempted
company (collectively, the "CSPAs"). Pursuant to the CSPAs, View may issue and
sell to CFPI and Yorkville, from time to time as provided in the CSPAs, and CFPI
and Yorkville shall in the aggregate purchase from View, up to the lesser of
(i) $100,000,000 in aggregate gross purchase price of newly issued shares of
View's Class A common stock, par value $0.0001 per share (the "Common Stock"),
and (ii) the number of shares of Common Stock representing 19.99% of the voting
power or number of shares of Common Stock issued and outstanding immediately
prior to the execution of the CSPAs, subject to reduction as described in the
CSPAs, in each case subject to certain conditions and limitations set forth in
the CSPAs.
The CSPAs also provide that View shall issue to CFPI a number of shares of
Common Stock (the "Upfront Commitment Fee") equal to (i) $1,250,000, divided by
(ii) the closing price of the Common Stock on the trading day prior to the
filing of the Initial Registration Statement (as defined below). The Upfront
Commitment Fee is deemed to be fully earned and non-refundable as of the date of
the CSPAs, regardless of whether any purchases of Common Stock are made or
settled under the CSPAs or any subsequent termination of the CSPAs.
Sales of Common Stock to CFPI and Yorkville under the CSPAs, and the timing of
any sales, will be determined by View from time to time in its sole discretion,
and will depend on a variety of factors, including, among other things, market
conditions, the trading price of View's Common Stock and determinations by View
regarding the use of proceeds of such sales. The net proceeds from any sales
under the CSPAs will depend on the frequency with, and prices at, which shares
of Common Stock are sold to CFPI and Yorkville. View expects to use the proceeds
from any sales under the CSPAs for, among other things, working capital and
general corporate purposes.
Upon the initial satisfaction of the conditions to CFPI's and Yorkville's
obligations to purchase shares of Common Stock set forth in the CSPAs (the date
of initial satisfaction of all such conditions, the "Commencement Date"),
including that a registration statement registering the resale by CFPI and
Yorkville of such shares of Common Stock under the Securities Act of 1933, as
amended (the "Securities Act," and such registration statement, the "Initial
Registration Statement"), is declared effective by the U.S. Securities and
Exchange Commission (the "SEC") and CFPI and Yorkville are permitted to utilize
the prospectus therein to resell all of the shares included in such prospectus,
View will have the right, but not the obligation, from time to time at its sole
discretion until the earliest of (i) the first day of the month next following
the date that is 36 months after the effective date of the Initial Registration
Statement, (ii) the date on which CFPI and Yorkville shall have purchased, in
the aggregate, $100,000,000 worth of shares pursuant to the CSPAs, (iii) the
date on which the Common Stock shall have failed to be listed or quoted on The
Nasdaq Global Market or an alternative market and (iv) the date on which View
commences a voluntary bankruptcy case or any person commences a proceeding
against View, a custodian is appointed for View or for all or substantially all
of its property or View makes a general assignment for the benefit of its
creditors, to direct CFPI and Yorkville to purchase up to a specified maximum
amount of shares of Common Stock as set forth in the CSPAs by delivering written
notice to CFPI or Yorkville prior to 9:00 AM, Eastern Time, on any trading day.
The purchase price of the shares of Common Stock that View elects to sell to
CFPI and Yorkville pursuant to the CSPAs will be 97% of the volume weighted
. . .
Item 2.02 Results of Operations and Financial Condition.
On August 8, 2022, View issued a press release, a copy of which is attached
hereto as Exhibit 99.1 (the "Earnings Press Release"), announcing its financial
results for the quarter ended June 30, 2022, reaffirming its 2022 guidance and
providing an update on financing. All of the information in the Earnings Press
Release is incorporated by reference herein. All such information is being
furnished rather than "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and shall not be
incorporated by reference into any filing under the Securities Act or the
Exchange Act, except as shall be expressly set forth by specific reference in
such a filing.
Item 3.02 Unregistered Sales of Equity Securities.
The disclosure set forth above in Item 1.01 of this Current Report on Form 8-K
with respect to the CSPAs is incorporated by reference in this Item 3.02. The
shares of Common Stock that have been or may be issued in connection with the
CSPAs were not and will not be registered under the Securities Act, and will be
issued in reliance on the exemption from registration requirements thereof
provided by Section 4(a)(2) of the Securities Act.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On August 5, 2022, the Board of Directors of View, upon recommendation of the
Compensation Committee, approved an amendment (the "Amendment") to the
restricted stock unit awards granted to Rao Mulpuri, Rahul Bammi, Martin Neumann
Anshu Pradhan, Nitesh Trikha and Bill Krause under the 2021 Equity Incentive
Plan (the "Plan"), in each case effective as of March 8, 2021, with a vesting
schedule based on both time- and performance-based vesting conditions, subject
to the executive's continued employment through each applicable vesting date
(collectively, the "Executive RSUs").
The Amendment provides that, effective as of September 8, 2022, the
performance-based vesting conditions applicable to the Executive RSUs shall no
longer be applicable, and the awards shall continue to vest subject only to the
time-based vesting conditions (i.e., twenty-five percent (25%) of each
executive's Executive RSUs will be subject to vesting on the date that is twelve
(12) months after the grant date, and the remaining seventy-five percent (75%)
will be subject to vesting on a monthly basis over the following thirty-six
(36) months (rounded down to the nearest whole share), subject to the
executive's continued employment with View through each applicable vesting date.
Any Executive RSUs that are not time-vested as of the date of the executive's
termination of employment with View shall be forfeited and returned to the Plan.
Except as expressly amended by the Amendment, all the terms and conditions of
the Executive RSUs shall remain in full force and effect.
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The foregoing description of the Amendment does not purport to be complete and
is qualified in its entirety by the terms and conditions of the Amendment, the
form of which is attached hereto as Exhibit 10.4 and incorporated herein by
reference.
Item 7.01 Regulation FD Disclosure.
The information disclosed under Item 2.02 of this Current Report on Form 8-K is
incorporated by reference into this Item 7.01.
Item 8.01 Other Events.
The information disclosed under Item 7.01 of this Current Report
on Form 8-K is incorporated by reference in this Item 8.01.
Forward-Looking Statements
This Current Report on Form 8-K and certain other materials View files with the
SEC, as well as information included in oral statements or other written
statements made or to be made by View, other than statements of historical fact,
contain certain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended. These forward-looking
statements are based on current expectations, estimates, assumptions,
projections, and management's beliefs, that are subject to change. There can be
no assurance that these forward-looking statements will be achieved; these
statements are not guarantees of future performance and are subject to certain
risks, uncertainties and other factors, many of which are beyond View's control
and are difficult to predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in such forward-looking
statements. View's business is subject to a number of risks, which are described
more fully in View's Annual Report on Form 10-K for the year ended December 31,
2021. Such risks include, but are not limited to, (i) View's ability to raise
additional capital on acceptable terms or at all, (ii) View's ability to
maintain compliance with The Nasdaq Stock Market LLC's ("Nasdaq") continued
listing standards and maintain the listing of its securities on Nasdaq and
(iii) View's ability to execute on its business plans, including expected
revenue growth. View undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date hereof.
Important Information and Where to Find It
This communication is for informational purposes only and does not constitute an
offer to sell or exchange, or the solicitation of an offer to buy or exchange,
any securities. There will be no sale of securities in any jurisdiction in which
such offer, sale or exchange would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting the
requirements of the Securities Act. In connection with the transactions
described herein, View has filed and intends to file relevant materials with the
SEC. Before making any investment decision, investors and security holders of
View are urged to read all relevant documents filed or that will be filed with
the SEC as they become available because they will contain important
information. Investors may obtain free copies of all relevant documents filed or
that will be filed with the SEC by View through the website maintained by the
SEC at www.sec.gov or by directing a request to View to 195 S. Milpitas Blvd.,
Milpitas, CA 95035, or via email at IR@View.com or at (408) 263-9200.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
10.1+ Primary Common Stock Purchase Agreement, dated as of August 8, 2022, by
and between View, Inc. and CF Principal Investments LLC
10.2+ Standby Common Stock Purchase Agreement, dated as of August 8, 2022, by
and between View, Inc. and YA II PN, Ltd.
10.3+ Registration Rights Agreement, dated as of August 8, 2022, by and among
View, Inc., CF Principal Investments LLC and YA II PN, Ltd.
10.4* Form of First Amendment to the Notice of Restricted Stock Unit Grant
and Restricted Stock Unit Agreement under the View, Inc. 2021 Equity
Incentive Plan (Executive RSUs)
99.1 Press Release, dated August 8, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
+ Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of
Regulation S-K. The Registrant agrees to furnish supplementally a copy of any
omitted schedule or exhibit to the SEC upon request.
* Denotes a management contract or compensatory plan or arrangement.
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