illumin Holdings Inc T.ILLM

Silicon Valley Bank

[Torontojay]

Acuityads holds there excess cash with a schedule 1 banks and Silicon Valley. This situations needs to be monitored and it would be good to know just how much of it is left with SVB. 

Section 15 from the latest financials: 
 

The Company, from time to time, invests its excess cash in accounts with Schedule I banks and Silicon Valley Bank (“SVB”), a large U.S. based bank, with the objective of maintaining the safety of the principal and providing adequate liquidity to meet current payment obligations and future planned capital expenditures and with the secondary objective of maximizing the overall yield of the portfolio. The Company’s cash as of December 31, 2022, is not subject to external restrictions. Investments must be rated at least investment grade by recognized rating agencies.

 

[retiredcf]

The FDIC said it created a new institution, the Deposit Insurance National Bank of Santa Clara (DINB), and that it had immediately transferred all insured deposits at Silicon Valley Bank to the new bank. All insured depositors will have access to their insured deposits by Monday morning, March 13, the FDIC said in a statement. Meanwhile, uninsured depositors will receive "an

[Torontojay]

It is also worth noting that FDIC only insures up to US $250k  per depositor and per insured bank. How much excess reserves of their cash is with SVB?  https://www.fdic.gov/consumers/consumer/news/november2019.html

[growthnprosper]

You had better clarify your facts and get the real info

[growthnprosper]

sounds like funds are protected.

[Torontojay]

Sounds like your jumping to conclusions?