View plummets to record low on doubts about going concern

View

11/05/2022 13:09

** Shares of tech co  VIEW.O  slump 53.7% to a record low of
$0.63 in premarket trading
    ** Stock top pct loser across U.S. exchanges
    ** VIEW says it has not been able to finalize its financial
statements for Q1 2022, and will disclose substantial doubt
about its ability to continue as a going concern
    ** Co does not currently have financial resources to fund
its forecasted operating costs and meet its obligations for at
least twelve months from the expected issuance date of its 2021
financial statements - VIEW
    ** Adds it will look to raise capital, but there can be no
assurance that the necessary financing will be available
    ** VIEW has $201 mln in cash as of the Q1 with no
substantial debt  urn:newsml:reuters.com:*:nGNX8PfTb4
    ** "Going concern" refers to a company with stable
financials that is expected to continue doing business in the
foreseeable future
    ** Nasdaq has granted VIEW a stay of delisting through the
end of May 2022
    ** As of last close, stock had fallen by 65.2% YTD

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))