Procore discloses ~5% of cash held at failed Silicon Valley Bank; expects no material impact

PROCORE TECHNOLOGIES, INC.

Approximately 5% of total cash, cash equivalents, and marketable securities held at SVB; 95% at other large institutions.
Outstanding unsecured letters of credit from SVB total $5.9M for leased office facilities.
Company expects all SVB deposits to be fully available after FDIC resolution per joint statement of Treasury, Fed, FDIC.
Management believes the SVB closure will not have a material impact on day-to-day operations.

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