Solyndra auditor raises IPO doubts (Silicon Valley)
Solar startup Solyndra Inc. may have hit a snag in its plans to go public.
The Fremont company's auditor, PriceWaterhouseCoopers, has raised questions about whether the company can continue doing business in the face of mounting losses and mountainous debt.
The "going concern" letter was part of a March 16 update to the prospectus for Solyndra's proposed $300 million initial public offering that was reported by Dow Jones Venturewire on Friday. The auditor's letter was based on the company's financial condition on Jan. 2.
Solyndra has raised nearly $970 million in venture capital and has been awarded a $535 million loan guarantee from the federal government.
Read the full story in the Silicon Valley/San Jose Business Journal.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.