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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 12b-25
Commission File Number 001-11512
NOTIFICATION OF LATE FILING
(Check One): [X] Form 10-K [_] Form 11-K [_] Form 20-F [_] Form 10-Q
[_] Form N-SAR
For Period Ended: September 30, 1998
[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For the Transition Period Ended:
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Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates:
PART I
REGISTRANT INFORMATION
Full name of registrant: SatCon Technology Corporation
Former name if applicable: Not applicable.
Address of principal executive office (Street and number): 161 First Street
City, state and zip code: Cambridge, Massachusetts 02142
PART II
RULE 12b-25 (b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)
| (a) The reasons described in reasonable detail in Part III of this form
| could not be eliminated without unreasonable effort or expense;
| (b) The subject annual report, semi-annual report, transition report on
| Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be
[X] | filed on or before the 15th calendar day following the prescribed
| due date; or the subject quarterly report or transition report on
| Form 10-Q, or portion thereof will be filed on or before the fifth
| calendar day following the prescribed due date; and
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| (c) The accountant's statement or other exhibit required by Rule 12b-
| 25(c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period. (Attach extra sheets if needed.)
The independent accountants for SatCon Technology Corporation (the
"Registrant") have been unable to complete their audit work relating to the
Registrant's ownership interest in Beacon Power Corporation ("Beacon") prior to
the due date for the Registrant's Form 10-K. Consequently, the Registrant has
not been able to finalize its financial statements for the year ended September
30, 1998. While the Registrant does not currently believe that any revisions to
its previously released financial results for the year ended September 30, 1998
will be necessary or appropriate, there can be no assurance that revision to the
Registrant's financial results for the year ended September 30, 1998 will not be
required. The Registrant will file the Form 10-K as soon as practicable after
these issues are resolved.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification: Michael C. Turmelle, Vice President, Chief Financial
Officer, Treasurer and Secretary, (617) 349-0861.
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such shorter
period that the registrant was required to file such report(s) been
filed? If the answer is no, identify report(s). [X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject
report or portion thereof? [X] Yes [ ] No
If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
The Registrant anticipates that its loss for the year ended September 30,
1998 will be substantially less than the loss it reported for the fiscal year
ended September 30, 1997. However, the Registrant has not yet determined if the
continuing audit work relating to Beacon by its independent accountants will
have an impact on its financial statements.
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SatCon Technology Corporation
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(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Dated: December 29, 1998 By: /s/ David B. Eisenhaure
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Name: David B. Eisenhaure
Title: President, Chief Executive Officer and
Chairman of the Board
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Exhibit A
[Letterhead of PricewaterhouseCoopers LLP]
December 29, 1998
Mr. Michael C. Turmelle
Chief Financial Officer
SatCon Technology Corporation
161 First Street
Cambridge, Massachusetts 02142-1221
Dear Mr. Turmelle:
You have furnished us with a copy of your "Notification of Late Filing" on Form
12B-25 dated December 29, 1998.
We are in agreement with the comments under Part III of the Form with respect to
the reason why we are unable to furnish our report on the financial statements
of SatCon Technology Corporation on or before the date the Form 10K of SatCon
Technology Corporation for the year ended September 30, 1998 is required to be
filed.
Very truly yours,
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
