AcuityAds, On SIVB Exposure Says 'expects that its cash situation will be resolved without any interruption to its ordinary course operations and without it incurring any financial losses.'

Author: Bill Haddad | March 13, 2023 08:14am

AcuityAds Holdings Inc. (TSX:AT, NASDAQ:ATY) ("AcuityAds" or "Company"), a technology leader that provides targeted digital media solutions enabling advertisers to connect intelligently with audiences across advertising channels, provides this update on its cash deposits with Silicon Valley Bank. As announced by the Company on March 10, 2023, it maintains U.S. bank accounts with Silicon Valley Bank with approximately US$55 million on deposit.
 

Yesterday the U.S. Treasury, U.S. Federal Reserve and the Federal Deposit Insurance Corporation ("FDIC") issued a joint statement in which they announced that they have approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank in a manner that fully protects all depositors, and that depositors will have access to all of their money held with Silicon Valley Bank starting Monday, March 13. Based on this joint statement, the steps taken by AcuityAds over the last two days to ensure that its operations can rely solely on its other banking relationships, and the cash it has on deposit with other financial institutions, the Company expects that its cash situation will be resolved without any interruption to its ordinary course operations and without it incurring any financial losses.

Posted In: ATY TSX:AT