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Pro forma equity ownership
(US $ in Millions, Unless Otherwise Stated)
Sources & Uses
Sources
SPAC Cash in Trust
PIPE Capital
View Rollover Equity
Total Sources
ā
Uses
$500 View Rollover Equity
$300
35
$1,254
$2,054
Payment of Debt Like Items
Deal Expenses
Cash to Balance Sheet
Total Uses
$1,254
$277
$50
Commentary on Use of Proceeds
Proceeds from the transaction will be used to retire debt and to add
cash to View's balance sheet for working capital, growth capex and
other general corporate purposes.
The transaction is expected to announce in November 2020.
$473
$2,054
Pro Forma Valuation
Pro Forma Shares Outstanding
Equity Value
Cash
Debt
Enterprise Value
Pro Forma Ownership
59%
23%
4%
14%
SPAC Public
SPAC Founders
PIPE
View
214
$2,140
$(528)
$15
$1,628
Assumes no redemptions from CF Acquisition Corp II trust account and assumes new shares issued at a price of $10.00. Pro forma share count includes 50.0mm SPAC shares, 1.1M SPAC Founder Private Placement shares, 7.5mm
SPAC founder shares, 30.0mm PIPE shares and 125.4mm shares to existing View shareholders (includes current View options and warrants based on treasury stock method). Excludes impact of 17.0mm warrants with a strike price of
$11.50, impact of 5.0m deferred Founder Shares, which will be subject to a stock-price based earn-out (2.5mm at $12.50, 1.25mm at $15.00 and 1.25mm at $20.00) and impact of management equity earnouts, incentive awards and
public company share plan as detailed in appendix. Cash estimated as of Q4 2020, excluding potential redemptions from existing SPAC shareholders.
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