2023-03-13 06:24:33 ET
- ZoomInfo Technologies ( NASDAQ: ZI ) disclosed in a SEC filing on Monday that it had 3% of its total cash, cash equivalents, and short term investments in deposit accounts with Silicon Valley Bank (SVB), which failed Friday and was closed down by California.
- As of March 9, 2023, ZoomInfo ( ZI ) had approximately $20M in deposit accounts with the bank and ~$264M, or 42% of its total cash, cash equivalents, and short term investments in money market securities for which SVB acts as custodian.
- The software firm also had accounts with SVB worth around $6M pursuant to letters of credit that it was required to provide its landlord in connection with the execution of leases for office space, the filing suggests.
- Despite the bank's closure, ZoomInfo ( ZI ) said that it has sufficient liquidity and alternative banking relationships to meet its obligations.
- Shares of the Vancouver, Washington-based company were marginally up premarket
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ZoomInfo discloses 3% of total cash in deposit at failed Silicon Valley Bank