View, Inc. Receives Notice of Delisting From Nasdaq, Appeals Determination
23 February 2022 - 8:30AM
View, Inc. (Nasdaq: VIEW) (“View” or the
“Company”), the leader in smart building technologies, today
announced that on February 15, 2022, it received a Staff Delisting
Determination (the “Staff Determination”) from the Listing
Qualifications Department of The Nasdaq Stock Market LLC
(“Nasdaq”), which notified the Company that the Nasdaq Listing
Qualifications Department has initiated a process to delist the
Company’s securities from Nasdaq. The Staff Determination will not
immediately result in the suspension of trading or delisting of the
Company’s securities, and the Nasdaq Listing Rules provide a
procedure for the Company to appeal the Staff Determination and
seek a stay pending the appeal as described below.
The Staff Determination was issued because the Company had not
filed its Quarterly Reports on Form 10-Q for the periods ended June
30, 2021, and September 30, 2021 (the “Quarterly Reports”), on or
before the Extended Date (defined below). As previously disclosed,
on August 17 and November 16, 2021, the Company received notices
from the Nasdaq Listing Qualifications Department notifying the
Company that, because the Company had not timely filed the
Quarterly Reports with the U.S. Securities and Exchange Commission
(the “SEC”), the Company was not in compliance with Nasdaq Listing
Rule 5250(c)(1), which requires timely filing of all required
periodic financial reports. After the Company made a submission to
the Nasdaq Listing Qualifications Department describing its plan to
regain compliance with this rule, the Company was granted an
extension until February 14, 2022 (the “Extended Date”), to file
its Quarterly Reports. The Staff Determination does not impact the
Company’s obligation to file periodic reports and other reports
with the SEC under applicable federal securities laws.
On February 22, 2022, the Company appealed the Staff
Determination by requesting a hearing before a Nasdaq Hearings
Panel to present its plan to regain compliance with the applicable
listing requirements. Under the Nasdaq Listing Rules, such a
request automatically stays the delisting process for a period of
15 days from the date of the request. In connection with its
request for a hearing, the Company has also requested that the
Staff Determination be further stayed pending the resolution of the
Company’s appeal. According to the Staff Determination, hearings
are typically scheduled to occur approximately 30-45 days after the
date of a company’s hearing request.
As previously disclosed on January 4, 2022, the Company expects
to be in a position in the first quarter of 2022 to file its
delinquent Quarterly Reports as well as its Annual Report on Form
10-K for the year ended December 31, 2021. The Company is currently
conducting its review of and procedures with respect to these
reports and associated financial statements. Although the Company
is working diligently to file these periodic reports as soon as
possible, there can be no assurance that such reports will be filed
in the first quarter of 2022 or before any hearing before the
Nasdaq Hearings Panel, or that the Nasdaq Hearings Panel will grant
the Company’s request for a stay pending the hearing. If the
Company’s appeal is denied or it fails to timely regain compliance
with Nasdaq’s continued listing standards, the common stock of the
Company will be subject to delisting on The Nasdaq Global
Market.
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 the sun, increasing access
to natural light and unobstructed views while eliminating the need
for blinds and minimizing heat and glare. Every View installation
includes a cloud-connected smart building platform that can easily
be extended to reimagine the occupant experience. View is installed
and designed into over 90 million square feet of buildings
including offices, hospitals, airports, educational facilities,
hotels, and multi-family residences. For more information, please
visit: www.view.com.
Forward-Looking Statements
This press release and certain 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, including statements regarding the
Company’s appeal to the Nasdaq Hearings Panel, its request for a
stay of the Nasdaq delisting process and its ability to timely file
delinquent and restated financial reports and statements. 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 definitive proxy statement filed with the SEC on
February 16, 2021, as amended on February 23, 2021, which
is incorporated by reference into its Current Report on
Form 8-K filed on March 12, 2021. View undertakes no
obligation to update forward-looking statements to reflect events
or circumstances after the date hereof.
Contacts:
For Investors:
Samuel MeehanView, Inc.IR@View.com408-493-1358
View (NASDAQ:VIEW)
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