other material
confidence high
sentiment neutral
materiality 0.50
Sonendo discloses ~$1.3M exposure to Silicon Valley Bank; remaining funds at U.S. Bank
Sonendo, Inc.
- Sonendo had approximately $1.3 million in operating accounts at Silicon Valley Bank (SVB) as of March 13, 2023.
- Remaining cash and equivalents, including money market funds and U.S. government securities, held at U.S. Bank custodial accounts.
- Company may experience delays in transferring funds due to SVB disruptions.
- SVB was shut down by California DFPI on March 10; FDIC appointed receiver; depositors assured access to funds starting March 13.