AcuityAds Holdings Inc. (ATY) announced that the trading of securities of the company was halted at the request of the Company on March 10, 2023 as a result of the unfolding situation with Silicon Valley Bank (SIVB), at which bank the company maintains certain of its bank accounts. This morning, the California Department of Financial Protection and Innovation announced that it has taken possession of Silicon Valley Bank, citing inadequate liquidity and insolvency. The DFPI appointed the Federal Deposit Insurance Corporation as receiver of SVB. The company maintains U.S. bank accounts with SVB which amount to $55M on deposit. The company maintains bank accounts outside of SVB which amount to C$6.7M. Such available cash will be used to support continuing operations. AcuityAds will update investors once the amount of the advance dividend is determined by the FDIC. Based on the FDIC news release, the company expects to receive this news next week.
Published first on TheFly
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