Atomera says not materially impacted by Silicon Valley Bank closure

Atomera (ATOM) provided commentary on its current banking relationship with Silicon Valley Bank (SIVB). Atomera considers its exposure to SVB to be immaterial. The company does not hold cash deposits or securities at SVB above the FDIC-insured maximum. Substantially all of Atomera’s cash and cash equivalents are held in investment accounts at third-party institutions, with SVB acting only as the agent under a "sweep account" arrangement. Under FDIC guidance, the swept funds will not be treated by the FDIC as deposit obligations of the failed institution and therefore are not at risk as a result of SVB’s failure. Although access to these external accounts has been interrupted by the FDIC takeover, the company does not believe that the interruption will materially affect its ability to meet its obligations as they come due.