Mobile games developer Huuuge says has $24.2 mln at SVB
13/03/2023 06:20
March 13 (Reuters) - Mobile games developer Huuuge Inc
HUGP.WA said late on Saturday about 10% of its cash and
securities were held at the collapsed Silicon Valley Bank (SVB),
adding it has sufficient resources to meet cash requirements for
the foreseeable future.
U.S.-registered Huuuge said it had about $237 million of
cash and securities as of March 10 and about $24.2 million of
that was held at SVB.
Startup-focused lender SVB became the largest U.S. bank to
fail since the 2008 financial crisis on Friday, in a sudden
collapse that roiled global markets, left billions of dollars
belonging to companies and investors stranded.
U.S. authorities stepped in to limit the fallout from SVB's
collapse, saying the failed bank's customers will have access to
all their deposits starting Monday and set up a new facility to
give banks access to emergency funds.
The Warsaw-listed company known for its social casino games
said the remaining balance of its cash and cash equivalents is
held across "several large reputable financial institutions".
The recovery of the funds will be subject to the FDIC
(Federal Deposit Insurance Corporation) process and the Issuer
is unable to determine the exact timing and the extent to which
the assets held at SVB can be recovered," Huuuge said.
(Reporting by Anna Pruchnicka; Editing by Kim Coghill)
((anna.pruchnicka@thomsonreuters.com; +48 58 769 65 14;))