LTCH - Latch discloses less than 2% of cash in deposit at failed lender Silicon Valley Bank
2023-03-13 09:09:09 ET
- As of March 8, 2023, Latch ( NASDAQ: LTCH ) held deposits of approximately $3.1M in various accounts with Silicon Valley Bank (SVB), which failed Friday and was closed down by California.
- The amount represents less than 2% of the company's total cash and cash equivalents and current and non-current available-for-sale securities.
- Latch ( LTCH ) plans to transfer its deposits to an internationally recognized money center bank upon receipt of all or a portion of its deposits held in SVB bank accounts.
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Latch discloses less than 2% of cash in deposit at failed lender Silicon Valley Bank