Brief: Sonder Holdings Issues Statement Regarding Silicon Valley Bank

Sonder Holdings

11/03/2023 01:33

March 10 (Reuters) - Sonder Holdings Inc  SOND.O :
    * . ISSUES STATEMENT REGARDING SILICON VALLEY BANK
    * HAD ABOUT $2 MILLION IN AN OPERATING CASH ACCOUNT AND
APPROXIMATELY $20 MILLION IN DEPOSIT ACCOUNTS WITH SILICON
VALLEY BANK
    * SONDER HOLDINGS- CO HAD $289 MILLION OF CASH AND
RESTRICTED CASH
AS OF DEC 31, 2022, OVER HALF OF WHICH IS HELD IN A AAA-RATED
BLACKROCK MONEY MARKET FUND
    * SONDER ALSO HOLDS A $60 MILLION LINE OF CREDIT FACILITY
WITH SVB
OF WHICH $13 MILLION IS CURRENTLY UTILIZED IN FORM OF LETTERS OF
CREDIT
    * CONTINUE TO ACTIVELY MONITOR EVOLVING SITUATION WITH SVB
AND
WILL TAKE APPROPRIATE ACTIONS AS NEEDED

Source text for Eikon:  ID:nBw1vW5Mta 
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