secwatch.observer — SEC 8-K summary
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Issuer:     PROCORE TECHNOLOGIES, INC. (PCOR)
CIK:        0001611052
Form:       8-K
Filed at:   2023-03-13T23:59:59+00:00
Accession:  0001193125-23-068570
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 7.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1611052/000119312523068570/0001193125-23-068570-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1611052/000119312523068570/d409840d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-068570

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