View Raises $200M in Convertible Senior Notes

MILPITAS, Calif., Oct. 27, 2022 (GLOBE NEWSWIRE) -- View (NASDAQ: VIEW) (“View” or the “Company”) today announced it has raised $200 million in Convertible Senior Notes, which supports View’s continuing growth and path to profitability, following the inclusion of its smart windows in the Investment Tax Credit (ITC) within the recently passed Inflation Reduction Act of 2022. The investment is led by RXR-affiliated investment vehicles, with participation from USAA Real Estate, Anson Funds, and the Environmental Strategies Group of BNP Paribas Asset Management, as well as other new and existing investors. Scott Rechler, Chairman and CEO of RXR, will join the Company’s Board of Directors.

“At View, we are committed to creating sustainable, experiential, healthier, and smarter buildings. With the products and operations already in place, this capital allows us to scale our business to broad market adoption and profitability,” said Dr. Rao Mulpuri, CEO of View. “We’re excited to have such strong endorsements from leaders across the real estate industry. I’m thrilled to welcome Scott to our Board of Directors. As the leader of one of the most innovative real estate developers, his knowledge of the real estate ecosystem, and his drive for positive change in the industry match perfectly with our mission. He also adds substantial expertise to our Board with his deep public-company experience.”

“Smart windows represent one of the most impactful ways to reduce energy usage and carbon emissions from real estate,” said Scott Rechler, Chairman and CEO of RXR. “View has thoughtfully built the intellectual property, full-stack products, manufacturing capacity, operational infrastructure, and most importantly, a delighted customer base needed to transform the real estate industry. I’m looking forward to working with Rao and the team to rapidly scale this platform into an even more successful business.”

Scott Rechler is the Chief Executive Officer and Chairman of RXR. In addition to his role at RXR, Scott serves on the Board of Directors of the Federal Reserve Bank of New York, Chair of the Regional Plan Association (RPA), Trustee and Vice Chair of the National September 11 Memorial and Museum at the World Trade Center, Member of the Real Estate Board of New York (REBNY), Chair of The Feinstein Institute for Medical Research, Member of the Board of Trustees at Northwell Health, Member of the NYU Real Estate Institute Advisory Committee, Co-Chair on the Board of the Tribeca Film Institute, Member of the Board of the Drum Major Institute, Convene, Kitchen United, and the Hospital for Special Surgery. From 2011 to 2016, Scott served on the Board of Commissioners as Vice Chairman for the Port Authority of New York and New Jersey and later served on the Board of the New York Metropolitan Transportation Authority (MTA) from 2017 to 2019. He previously was the Chairman and Chief Executive Officer of Reckson Associates Realty Corp. and served on the Board of Directors of American Campus Communities, Inc.