Firstwave Cloud Technology jumps on confirming no exposure to SVB

Firstwave Cloud Technology

17/03/2023 03:46

** Shares of Australia's Firstwave Cloud Technology  FCT.AX 
rise as much as 4% to A$0.052, marking their biggest intraday
percentage gain since March 6   
    ** The cyber security firm says it has no exposure to the
Silicon Valley Bank  SIVB.O , which collapsed last week and
sparked a crisis of confidence in the banking sector
 urn:newsml:reuters.com:*:nASX9gdncY
    ** Says FirstWave received material level of funds from
clients to SVB account in the last 30 days 
    ** However, the funds were repatriated and FirstWave's SVB
account currently holds no money - FCT 
    ** Stock down ~15.3% this year, as of last close 

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))