2023-03-10 16:20:13 ET
- Axsome ( NASDAQ: AXSM ) Therapeutics closed down Friday ~6% , and is down another 2% in post-market trading after saying it has "material" deposits with both FDIC-shuttered SVB Financial ( SIVB ) and Citi ( C ).
- In an SEC filing, the company said that while the FDIC will pay depositors an advanced dividend in the next week, "this forecast does not take into account such funds."
- Axsome ( AXSM ) said that its cash at Citi ( C ) along with remaining committed capital from a $350M term loan facility with Hercules Capital is enough to fund operations.
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Axsome Therapeutics falls on disclosure it has 'material' deposits with SVB