About one-fourth of Roku’s cash and equivalents — nearly half a billion dollars — has been held in Silicon Valley Bank, which was shut down by financial regulators Friday after it collapsed.
, which was shut down by financial regulators Friday after it collapsed. And the streaming platform company said it’s unsure the extent to which it will be able to recover that cash.
SVB, after it faced a run on deposits and failed to raise capital to make up the shortfall, was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver of its assets.that about $487 million of its $1.9 billion in cash and equivalents is held at SVB, or about 26% of the company’s cash and cash equivalents balance as of March 10. The remaining $1.
“The company’s deposits with SVB are largely uninsured. At this time, the company does not know to what extent the company will be able to recover its cash on deposit at SVB,” Roku said. The FDIC will pay uninsured depositors an “advance dividend within the next week,” according to the filing. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of SVB, future dividend payments may be made to uninsured depositors.
Roku said it “continues to believe” that its current cash and equivalents balance — as well as cash flow from operations — “will be sufficient to meet its working capital, capital expenditures and material cash requirements from known contractual obligations” for the next 12 months “and beyond.”
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