Roku has $487 million of money and money equivalents in uninsured deposits at failed Silicon Valley Financial institution, the streaming media firm stated in an submitting on Friday with the Securities and Change Fee. CNBC reviews: About 26% of Roku’s $1.9 billion in money was deposited with SVB, which was positioned into receivership by the Federal Deposit Insurance coverage Corp. noon Friday. Roku shares fell over 4% in prolonged buying and selling on the information. “Right now, the Firm doesn’t know to what extent the Firm will have the ability to get better its money on deposit at SVB,” Roku stated in a press launch.
Nonetheless, Roku stated it believed it might have the ability to meet its capital obligations for the “subsequent twelve months and past” with its unaffected $1.4 billion in money reserves at different “giant monetary establishments.” “As said in our 8-Ok, we anticipate that Roku’s potential to function and meet its contractual obligations is not going to be impacted,” a Roku spokesperson stated in a press release to CNBC. Necessary notice: FDIC insurance coverage solely covers the primary $250,000 in deposit accounts.
