Top Stories
Mobile games developer Huuuge says has $24.2 million at SVB
Global Banking & Finance Review®
Company
(Reuters) – Mobile games developer Huuuge Inc said late on Saturday about 10% of its cash and securities were held at the collapsed Silicon Valley Bank (SVB), adding it has sufficient resources to meet cash requirements for the foreseeable future.
(Reuters) – Mobile games developer Huuuge Inc said late on Saturday about 10% of its cash and securities were held at the collapsed Silicon Valley Bank (SVB), adding it has sufficient resources to meet cash requirements for the foreseeable future.
U.S.-registered Huuuge said it had about $237 million of cash and securities as of March 10 and about $24.2 million of that was held at SVB.
Startup-focused lender SVB became the largest U.S. bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded.
U.S. authorities stepped in to limit the fallout from SVB’s collapse, saying the failed bank’s customers will have access to all their deposits starting Monday and set up a new facility to give banks access to emergency funds.
The Warsaw-listed company known for its social casino games said the remaining balance of its cash and cash equivalents is held across “several large reputable financial institutions”.
The recovery of the funds will be subject to the FDIC (Federal Deposit Insurance Corporation) process and the Issuer is unable to determine the exact timing and the extent to which the assets held at SVB can be recovered,” Huuuge said.
(Reporting by Anna Pruchnicka; Editing by Kim Coghill)
Silicon Valley Bank (SVB) was a U.S.-based bank that primarily served technology and startup companies. It became the largest U.S. bank to fail since the 2008 financial crisis.
Cash management refers to the process of collecting, managing, and investing cash in a way that maximizes liquidity and minimizes risk for a business.
Cash equivalents are short-term investments that are easily convertible to cash, such as treasury bills or money market funds, and are considered to be nearly as liquid as cash.
A financial crisis is a situation where the value of financial institutions or assets drops significantly, often leading to widespread economic instability and loss of confidence in the financial system.
Explore more articles in the Top Stories category
