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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Satcon Technology Corp. (MM) | NASDAQ:SATC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.4275 | 0 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13
or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
AUGUST 11, 2010
Date of Report (Date of earliest event reported)
SATCON TECHNOLOGY CORPORATION
(Exact Name of Registrant as Specified in Charter)
DELAWARE |
|
1-11512 |
|
04-2857552 |
(State or Other |
|
(Commission File Number) |
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(IRS Employer |
Jurisdiction of Incorporation) |
|
|
|
Identification No.) |
27 Drydock Avenue
Boston, Massachusetts 02210-2377
(Address of Principal Executive Offices) (Zip Code)
(617) 897-2400
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 4.01 Changes in Registrants Certifying Accountant.
McGladrey & Pullen, LLP recently acquired the assets of Caturano and Company, Inc. (Caturano), the independent registered public accounting firm for Satcon Technology Corporation (the Company). As a result, on August 11, 2010, Caturano resigned as the independent registered public accounting firm for the Company and, concurrent with such resignation, the Companys audit committee approved the engagement of McGladrey & Pullen, LLP (McGladrey) as the new independent registered public accounting firm for the Company.
The audit reports of Caturano on the Companys consolidated financial statements for the years ended December 31, 2009 and 2008 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that the audit opinion for the year ended December 31, 2009 did contain an explanatory paragraph disclosing that the Company changed the manner in which it accounts for certain warrants effective January 1, 2009. During the two most recent fiscal years ended December 31, 2009 and through the date of Caturanos resignation, there were (i) no disagreements between the Company and Caturano on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Caturano, would have caused Caturano to make reference to the subject matter of the disagreement in their reports on the Companys financial statements for such years, and (ii) no reportable events within the meaning set forth in Item 304(a)(1)(v) of Regulation S-K.
During the Companys two most recent fiscal years ended December 31, 2009 and through the date of McGladreys engagement, the Company did not consult with McGladrey on (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that may be rendered on the Companys financial statements, and McGladrey did not provide either a written report or oral advice to the Company that McGladrey concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue; or (ii) any matter that was either the subject of any disagreement, as defined in Item 304 (a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K, or a reportable event, as that term is defined in Item 304(a)(1)(v) of Regulation S-K.
The Company has provided Caturano a copy of the disclosures in this Form 8-K and has requested that Caturano furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the Companys statements herein. A copy of the letter dated August 13, 2010 is filed as Exhibit 16.1 to this Form 8-K.
ITEM 9. FINANCIAL STATEMENTS AND EXHIBITS
9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit |
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Number |
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Description |
16.1 |
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Letter from Caturano and Company, Inc. to the Securities and Exchange Commission dated August 13, 2010. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SATCON TECHNOLOGY CORPORATION |
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Date: August 13, 2010 |
By: |
/s/ John W. Peacock |
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John W. Peacock |
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Chief Accounting Officer |
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