May 30, 2012 / 9:55 PM / 7 years ago

UPDATE 1-A123 sees 'going concern' risk due to steep losses

May 30 (Reuters) - Lithium-ion battery maker A123 Systems Inc said it expects to burn through cash and incur steep net losses over the next several quarters, raising “substantial doubt” over its ability to continue as a going concern.

A123 is looking to raise additional funds to meet cash requirements and is looking at “other strategic alternatives,” the company said in a filing on Wednesday. A123 is also looking for ways to raise money in the capital markets.

“There is no assurance that the company will be able to obtain such financing on favorable terms, if at all, or to successfully further reduce costs in such a way that would continue to allow the company to operate its business,” A123 said in a filing with the U.S. Securities and Exchange Commission.

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