An audit of solar company Solyndra Inc. cast doubt on the company's financial viability, as it considers an initial public offering to raise $300 million.
PricewaterhouseCoopers LLP said the company's negative cash flows, recurring losses and stockholder deficit "raise substantial doubt about its ability to continue as a going concern," according to a Reuters report.
Last year the California-based company received a $535 million U.S. Department of Energy loan guarantee to build a manufacturing facility for its cylindrical-shaped rooftop solar modules.
The company has raised about $970 million in equity financing, but the per-watt cost of its panels is $3.24--significantly higher than competitors.
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