Silicon Valley Bank: An Oil Spill or more..

https://www.fastcompany.com/90864553/silicon-valley-bank-public-companies Video-streaming giant Roku said in a filing with the Securities and Exchange Commission that it holds about $487 million, or roughly 26%, of its cash and cash equivalents at SVB. “The Company’s deposits with SVB are largely uninsured. At this time, the Company does not know to what extent the Company will be able to recover its cash on deposit at SVB,” Roku wrote in the filing, sending shares down nearly 4% in after-hours trading. Protagonist Therapeutics also reported about $13 million of its cash tied up, though it says it expects its exposure to be limited. Eiger Biopharmaceuticals reported cash deposits of about $8.3 million, or nearly 7% of its cash and cash equivalents. Axsome Therapeutics said it “has material cash deposits with both SVB and Citibank.” Oncorus also had an aggregate balance of about $10 million, or approximately 23% of “the Company’s total current cash, cash equivalents and short-term investment, in the bank.” Semiconductor firm Ambarella held deposits of approximately $17 million. Digital gaming platform Roblox held about 5% of its total cash reserves in SVB, which it said will have “no impact on the day-to-day operations” of the company. LendingClub, a financial services company, said it had a deposit of $21 million, an amount that “is not material to the Company’s liquidity position or capital levels, and does not pose a risk to the Company’s ongoing business or operations.”