dChan - Q Origins Project Archive

Fed to hold emergency meeting on Monday amid SVB's swift collapse

The Federal Reserve Board of Governors announced that it will hold an emergency closed-door meeting under expedited procedures at 11:30 a.m. on March 13, 2023.

Matters to be considered at the emergency meeting will be: "Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks."

It is likely that the sudden collapse and FDIC seizure of SVB Financial Group (SIVB) on Friday is driving the expedited Fed meeting.

SVB was the largest bank failure since the 2008 financial crisis. Its collapse has sent shockwaves throughout the banking system. The status of billions of dollars of uninsured deposits is unknown heading into Monday.

https://www.investing.com/news/stock-market-news/fed-to-hold-emergency-meeting-on-monday-amid-svbs-swift-collapse-432SI-3028156

Roku Has 26% Of Cash With SVB Financial, Deposit Recovery Uncertain — 27 Other Companies With Ties To Collapsed Bank

Other Companies Impacted: Benzinga reported on other companies that have ties to Silicon Valley Bank on Friday.

Shares of Sunrun Inc (NASDAQ:RUN) fell on Friday on news the company had Silicon Valley Bank as one of its lenders.

Biotech company Chimerix Inc (NASDAQ:CMRX) said its cash held at Silicon Valley Bank was near the FDIC insured limit.

Benzinga Pro, a source for top stock market news and headlines, shared a list of all the companies that had put out filings and statements regarding their relationships with Silicon Valley Bank.

Many more could issue statements in the coming days.

Here are companies with exposure to Silicon Valley Bank:

Generation Bio (NASDAQ:GBIO): mid-single digit millions of dollars

Clearwater Analytics (NYSE:CWAN): $13 million share offering had SVB Securities as an underwriter

IGM Biosciences (NASDAQ:IGMS): Under $5 million in deposits at SVB

Novanta (NASDAQ:NOVT): 10% of $695 million credit agreement held by SVB

X4 Pharmaceuticals (NASDAQ:XFOR): 2.5% of cash held with SVB

aTYR Pharma (NASDAQ:LIFE): Under 2% of cash held with SVB

Oncorus (NASDAQ:ONCR): has $10 million, or around 23% of its cash, held with SVB

COHU (NASDAQ:COHU): $12.3 million, or 3.8% of cash held with SVB

Compugen (NASDAQ:CGEN): 1.3% of cash held with SVB

Sangamo Therapeutics (NASDAQ:SGMO): $34.4 million in deposits held with SVB of $307.5 million in total company cash

Rocket Lab (NASDAQ:RKLB): Has $38 million, or around 7.9% of cash, held with SVB

Eiger Biopharmaceuticals (NASDAQ:EIGR): Has $8.3 million, or around 6.9% of cash, held with SVB

Ginkgo Bioworks (NYSE:DNA): Has $74 million, or 6% of their cash, held with SVB

Iteos Therapecutics (NASDAQ:ITOS): Has around 1% of total cash held with SVB

iRhythym Technologies (NASDAQ:IRTC): Has $54.5 million in operating accounts at SVB, company had cash equivalents of $213.1 million as of Dec. 31, 2022.

Shattuck Labs (NASDAQ:STTK): Has $2.3 million in cash held with SVB

QuantumScape (NYSE:QS): Company said it has “low single digit exposure” to SVB

Juniper Networks (NYSE:JNPR): Company has less than 1% of cash held with SVB

Landos Pharmaceuticals (NASDAQ:LABP): Company has “low single digit millions” in cash held with SVB

Payoneer Global (NASDAQ:PAYO): Company has less than $20 million of cash held with SVB

Praxis Precision Medicines (NASDAQ:PRAX): Company has less than 20% of cash held with SVB

Ambarella (NASDAQ:AMBA): Company has around $17 million held with SVB

Neuronetics (NASDAQ:STIM): Company has less than $1 billion in cash with SVB

Mirum Pharmaceuticals (NASDAQ:MIRM): Company has less than 1% of cash held with SVB

Kymera Therapeutics (NASDAQ:KYMR): Company has around $2.2 million in cash held with SVB

https://markets.businessinsider.com/news/stocks/roku-has-26-of-cash-with-svb-financial-deposit-recovery-uncertain-%E2%80%94-27-other-companies-with-ties-to-collapsed-bank-1032161203