Axcelis expects immaterial impact from relationship with Silicon Valley Bank

Axcelis Technologies (ACLS) expects the collapse of Silicon Valley Bank (SIVB) into receivership by the Federal Deposit Insurance Corp. to have an immaterial impact on the Company. The Company has an unused line of credit with the bank and has used the bank for customer receivables, in swept deposit accounts.The Company has banking relationships with multiple U.S. and foreign banks and investment managers and will not have any liquidity issues resulting from the SVB situation. Cash and cash equivalents on December 31, 2022 was $185.6M, of which approximately $39.2M of cash was in foreign jurisdictions. In addition, the Company held $246.6M of short-term investments on December 31, 2022, consisting of U.S. Government and Agency securities.