ATY - AcuityAds stock trading halted firm maintains US accounts at Silicon Valley Bank
2023-03-10 16:58:47 ET
- AcuityAds ( NASDAQ: ATY ) said Friday it requested a trading halt of its stock as a result of the unfolding situation with Silicon Valley Bank ( SIVB ), at which it maintains U.S. bank accounts that amount to $55M on deposit.
- The digital advertising firm maintains bank accounts outside of Silicon Valley Bank ( SIVB ) amounting to C$6.7M. Such available cash will be used for continuing operations.
- Silicon Valley Bank, unit of SVB Financial ( SIVB ), was closed earlier in the day by the Federal Deposit Insurance Corp., marking the the biggest bank failure since the 2008 financial crisis.
- The FDIC will pay uninsured depositors of the bank an advance dividend within the next week.
- AcuityAds ( ATY ) expects the FDIC to determine the advance dividend amount next week.
- SVB ( SIVB ) failed in its attempts to raise capital, and has reportedly begun talks to sell itself .
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AcuityAds stock trading halted, firm maintains US accounts at Silicon Valley Bank