secwatch.observer — SEC 8-K summary
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Issuer:     PROGRESS SOFTWARE CORP /MA (PRGS)
CIK:        0000876167
Form:       8-K
Filed at:   2023-03-13T23:59:59+00:00
Accession:  0000876167-23-000067
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 7.01
LLM model:  deepseek-v4-flash:cloud@v2

Progress Software confirms no material exposure to SVB or Signature Bank failures
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- No cash deposits or operating accounts maintained with Silicon Valley Bank.
- SVB is a credit agreement lender but has no outstanding funding obligations to the company.
- Fixed-income securities previously purchased via SVB are held by U.S. Bank as custodian.
- No relationships with Signature Bridge Bank, N.A.
- Company believes liquidity concerns at SVB will not disrupt business, operations, or capital access.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/876167/000087616723000067/0000876167-23-000067-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/876167/000087616723000067/prgs-20230310.htm
  HTML page:      https://secwatch.observer/filing/0000876167-23-000067

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer