In December 2009 Solyndra filed papers with the U.S. Securities and Exchange Commission for an initial public stock offering worth $300 million. For a company that had generated so much excitement, the filing's details were sobering. The company had an accumulated deficit of $505 million and expected to incur net losses "for the foreseeable future."
The second phase of factory construction would cost an additional $642 million.
'Wow, there must really be something going on here,' " said Stephen Simko, a senior stock analyst at the Morningstar research firm. "And then the S1 (filing) came out, and it was 'Holy crap, these numbers are really bad.'
Pretty much everybody had lost their fantasy that there would be a big IPO and we'd all be rich," Eastburn said.
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