Startups that rode the SPAC wave are turning to a new tactic for funding lifelines. Here’s what you want to know. You may recall the loss-making smart-glass manufacturer View Inc . that my colleague Hayley Cuccinello and I have chirped on about for almost a year now. Well, it is still burning through cash. View incurred $21 million in RD costs in the second quarter and $41 million in expenses because of legal, consulting, and accounting expenses related to an audit conducted last November . This was against $33 million in revenue for the first half of 2022. But importantly, View is again in need of capital. This month, the glass maker said it inked a $100 million common stock purchase agreement — think of it like a line of credit in exchange for more equity in the company — with Cantor Fitzgerald. View also said it sought up to $200 million in convertible notes. Similar to the $100 million agreement outlined above, convertible notes are like a bond that the holder can switch to equity in the company at a later date. To help dissect convertible debt, I spoke with Michael Miller, president and chief investment officer at Wellesley Asset Management, and a fan of all things convertibles.