View, Inc. (NASDAQ:VIEW) shares are trading lower after the company filed for Chapter 11 bankruptcy.
On Tuesday, the company inked an agreement with Cantor Fitzgerald and RXR to become a private company.
The deal would result in the cancellation of View's existing senior secured term loans and unsecured convertible notes, the holders receiving 100% of the equity stake in the reorganized company, and existing equity interests being canceled.
The company expects to obtain court approval for the Proposed Transaction within 45 days of April 2, 2024.
Following this, View expects to emerge as a privately held company with a reorganized board of directors, whereby Howard Lutnick, Chairman & CEO of Cantor Fitzgerald, and Scott Rechler, Chairman & CEO of RXR, will aid operational structure and corporate strategy.
Dr. Rao Mulpuri, CEO of View, said, "Today's announcement marks the culmination of a thorough strategic review of our business operations to help ensure we have the proper capital structure going forward.."
"With the support of Cantor Fitzgerald and RXR, we intend to maximize our business potential with increased financial stability and be better positioned to increase our presence across the real estate ecosystem."
Price Action: VIEW shares are down 62.3% at $0.4147 premarket on the last check Wednesday.
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