Weave Communications: Limited impact from SVB
March 13 2023 - 1:36PM
Business Wire
Weave Communications, Inc. (NYSE: WEAV), announced that, as of
March 10, 2023, it had total deposits of approximately $2 million
with Silicon Valley Bank (“SVB”), which is less than 2% of the
Company's cash and cash equivalents and short-term investments. The
Company did not have any cash equivalents or investments held at
SVB, although it had purchased money market funds through SVB which
are managed by a third-party asset manager. Outside institutions
serve as custodians for third-party investments held in the
company’s name which the company believes are not directly exposed
to any consequences of the insolvency of SVB. On March 12, 2023,
the U.S. Treasury, Federal Reserve, and Federal Deposit Insurance
Corporation (“FDIC”) jointly announced that the boards of the FDIC
and the Federal Reserve approved actions enabling the FDIC to
complete its resolution of SVB in a manner that fully protects all
depositors and depositors would have access to all of their money
starting March 13, 2023. Accordingly, the company does not consider
its exposure to the insolvency of SVB to be significant.
As previously disclosed, the Company also maintains a $50
million revolving line of credit with SVB and has borrowed $10
million against it. The Company had no pending plans to utilize any
additional funds from the revolving line of credit. At this time
the Company is evaluating future accessibility to the revolving
credit line due to SVB moving into receivership.
About Weave
Weave is the all-in-one customer communication and engagement
platform for small and medium-sized businesses. From the first
phone call to the final invoice and every touchpoint in between,
Weave connects the entire customer journey. Weave’s software
solutions transform how local businesses attract, communicate with
and engage customers to grow their business. Weave has set the bar
for Utah startup achievement & work culture. In the past year,
Weave has been named a member of the Forbes Cloud 100, a Certified
Great Place to Work, and a G2 leader in Patient Engagement,
Optometry, Dental Practice Management and Patient Relationship
Management software. To learn more, visit
www.getweave.com/newsroom/.
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version on businesswire.com: https://www.businesswire.com/news/home/20230313005607/en/
Media Contact: Kali Geldis Sr. Director of Communications
pr@getweave.com
Investor Contact: Mark McReynolds Head of Investor
Relations ir@getweave.com
Weave Communications (NYSE:WEAV)
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