Solyndra Drops IPO Plans, Raises $175M

Fremont-based Solyndra, a manufacturer of thin-film photovoltaic panels, said today that it is dropping its IPO plans, and has submitted a request to withdraw its S-1 with the SEC. According to Solyndra, it decided not to proceed with an IPO, due to "adverse market conditions" and availability of funding from its existing investors. As part of the decision to drop the IPO, the firm said it has raised $175M in a private placement with some of its existing investors. Solyndra did not identify which of its investors participated in the funding, but said the funds would go towards existing operations and support ofi ts growth plans.