View Smart Windows is planning to go public via a merger with special purpose acquisition company (SPAC) CF Finance Acquisition (NASDAQ:CFII).
News of the SPAC merger between View Smart Windows and CF Finance Acquisition have CFII stock on the move Tuesday. This has resulted in more than 6 million shares of CFII changing hands as of this writing. For comparison, its daily average trading volume is only about 122.000 shares.
Investors that are being drawn in by the View Smart Windows SPAC merger can check out a quick breakdown below.
- Once the merger is complete, the newly-combined company will use the name View and will trade on the Nasdaq.
- What’s unknown is the stock ticker that it will switch to once the deal closes.
- However, we do know that the two companies are expecting the deal to reach completion in the first quarter of 2021.
- This will result in the SPAC merger giving View Smart Windows $800 million of gross proceeds to work with.
- That comes from $500 million in cash held by CFII and $300 million from a private investment in public equity (PIPE).
- The company plans to use these funds to retire debt and increase the amount of cash it has on its balance sheet.
- This transaction sets the company with an enterprise value of $1.6 billion.
- View Smart Windows is a company that focuses on the creation of smart buildings.
- That includes its smart windows, which can change tint at command.
- This allows users to save energy as the windows can block up to 90% of solar radiation.
- The company also notes that this allows workers to gain the benefits of working near windows, such as better mental health, without suffering high temperatures or headaches.
- These windows can also help improve the view in and out of the office with glare reduction.
- Several major companies, including Facebook (NASDAQ:FB), Netflix (NASDAQ:NFLX), and Hewlett Packard Enterprise (NYSE:HPE) are already making use of the windows in their offices.
CFII stock was up 3.7% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.