AppLovin Confirms Minimal Exposure to Silicon Valley Bank
March 13 2023 - 8:00AM
Business Wire
AppLovin Corporation (NASDAQ: APP) (“AppLovin”), a leading
marketing platform, today issued the following statement regarding
the closure of Silicon Valley Bank (“SVB”) by the California
Department of Financial Protection and Innovation (“CDFPI”) and
appointment of the Federal Deposit Insurance Corporation (“FDIC”)
as receiver of SVB.
AppLovin has over $1 billion in cash and cash equivalents with
less than $2 million at SVB as of March 10, 2023 and no SVB-related
credit facilities. We expect to operate our business in the
ordinary course and will continue to carefully monitor the
situation.
About AppLovin
AppLovin enables developers to grow their business. Businesses
rely on AppLovin’s market leading technologies to solve their
mission-critical functions with a powerful, full stack solution
including user acquisition, monetization and measurement. AppLovin
is headquartered in Palo Alto, California with several offices
globally.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act of 1934. Forward-looking statements in
this release include statements regarding AppLovin’s ability to
continue to satisfy its payment obligations to its business
partners and employees and statements regarding the closure of SVB
and its impact on AppLovin’s customers and partners. These
forward-looking statements are subject to risks and uncertainties,
including risks and uncertainties associated with the closure of
SVB and appointment of the FDIC as receiver, as well as the risks
described in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2022. The forward-looking statements in this
press release are based on information available to us as of the
date hereof, and we disclaim any obligation to update any
forward-looking statements, except as required by law.
Source: AppLovin Corp.
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version on businesswire.com: https://www.businesswire.com/news/home/20230313005315/en/
Investors Ryan Gee ir@applovin.com
Press Kim Hughes press@applovin.com
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