Technoprobe falls 2.5% after revealing 2.5% cash exposure to SVB

Technoprobe

13/03/2023 10:03

March 13 - ** Shares in Italy's Technoprobe  TPRO.MI 
fall as much as 2.5% after the company said its exposure to
Silicon Valley Bank (SVB), the U.S. lender that collapsed on
Friday, represented 2.5% of its cash and cash equivalent.
    ** Equita estimates that the microelectronics and
semiconductors manufacturer had deposited in SVB around 10
million euros out of its total cash of 411 million euros at end
of last year. 
    ** The sum exceeds the ceiling of 250,000 dollars covered by
the deposit guarantee of the Federal Deposit Insurance
Corporation, the U.S. public agency that foresees stability and
public confidence in U.S. financial system
    ** But during the weekend, U.S. financial regulators
announced that unguaranteed deposits will in any case be
reimbursed, in a move aimed at shoring up confidence.
    ** Technoprobe is the only Italian company that has so far
unveiled exposure to SVB 
    ** At 0955 GMT the stock was down 2.14%, outperforming the
STOXX index, down 2.5%, and FTSE IT Allshare index  .FTITLMS ,
down 4.3%.  

 (Reporting by Alberto Chiumento, editing by Gavin Jones)
 ((alberto.chiumento@thomsonreuters.com))