Brief: Lantronix Inc Says As Of March 10, Had Deposits With SVB Of About $6.7 Million, Representing About 85% Of Total Outstanding Deposits

Lantronix

13/03/2023 12:42

March 13 (Reuters) - Lantronix Inc  LTRX.O :
    * LANTRONIX INC - AS OF MARCH 10, HAD DEPOSITS WITH SVB OF
ABOUT
$6.7 MILLION, REPRESENTING ABOUT 85% OF TOTAL OUTSTANDING
DEPOSITS
    * LANTRONIX INC - EXPLORING CONTINGENCY OPTIONS FOR FUNDING
OF
CO'S OPERATIONS IN EVENT CO WOULD NOT BE ABLE TO RECOVER
DEPOSITS AT SVB
    * LANTRONIX - AS OF MARCH 12, SECURED VERBAL COMMITMENTS
FROM SOME
OF ITS DIRECTORS, OFFICERS, MEMBERS OF MANAGEMENT TEAM & MEMBERS
OF ADVISORY BOARD
    * LANTRONIX - VERBAL COMMITMENT TO LEND FUNDS OF UP TO $5
MILLION
TO HELP FUND CO'S OPERATING UNTIL CO COULD REGAIN ACCESS TO SVB
DEPOSITS, OTHER FUNDING SOURCES
    * LANTRONIX INC - WILL HAVE SUFFICIENT CASH AND NET CASH
FLOWS
FROM ITS OPERATIONS TO SATISFY CURRENT OBLIGATIONS FOR
FORESEEABLE FUTURE

Further company coverage:  LTRX.O 

 ((Reuters.Briefs@thomsonreuters.com;))