Brief: Weave Communications Reports Limited Impact From SVB

Weave Communications

13/03/2023 18:27

March 13 (Reuters) - Weave Communications Inc  WEAV.N :
    * WEAVE COMMUNICATIONS: LIMITED IMPACT FROM SVB
    * WEAVE COMMUNICATIONS INC - AS OF MARCH 10, 2023, IT HAD
TOTAL
DEPOSITS OF APPROXIMATELY $2 MILLION WITH SILICON VALLEY BANK
    * WEAVE COMMUNICATIONS INC: COMPANY ALSO MAINTAINS A $50
MILLION
REVOLVING LINE OF CREDIT WITH SVB AND HAS BORROWED $10 MILLION
AGAINST IT
    * WEAVE COMMUNICATIONS INC - DOES NOT CONSIDER ITS EXPOSURE
TO
INSOLVENCY OF SVB TO BE SIGNIFICANT
    * WEAVE COMMUNICATIONS INC - DID NOT HAVE ANY CASH
EQUIVALENTS OR
INVESTMENTS HELD AT SVB
    * WEAVE COMMUNICATIONS INC: COMPANY HAD NO PENDING PLANS TO
UTILIZE ANY ADDITIONAL FUNDS FROM SVB REVOLVING LINE OF CREDIT
    * WEAVE COMMUNICATIONS INC - EVALUATING FUTURE ACCESSIBILITY
TO
REVOLVING CREDIT LINE DUE TO SVB MOVING INTO RECEIVERSHIP

Source text for Eikon:  ID:nBw7wcbqQa 
Further company coverage:  WEAV.N 

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