Latch Discloses $3.1M Exposure To SVB Financial

  • Latch, Inc LTCH disclosed deposits with SVB Financial Group SIVB of approximately $3.1 million, representing less than 2% of the company's total cash and equivalents as of March 8.
  • Latch believes the FDIC has insured a portion of the deposits.
  • Latch's cash and cash equivalents and current and non-current available-for-sale securities as of March 8 were approximately $215.4 million.
  • Today the U.K. government has announced that HSBC Holdings, Plc HSBC acquired Silicon Valley Bank's British arm.
  • The deal comes in the wake of the collapse of Silicon Valley Bank, a subsidiary of SVB Financial Group, on Friday, following which the Federal Deposit Insurance Corp assumed control of the bank.
  • The company also said it has no deposits with Signature Bank  SBNY.
  • Also ReadBiden Addresses FDIC Bank Takeovers: 'The Banking System Is Safe'
  • Price Action: LTCH shares traded higher by 21.09% at $0.62 on the last check Monday.
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