ContextLogic says less than 5% of cash was held at Silicon Valley Bank

ContextLogic (WISH) issued the following statement in response to the recent collapse of Silicon Valley Bank (SIVB). "ContextLogic maintains its cash and short-term investments with a diverse group of large national financial institutions," said Vivian Liu, CFO and COO of Wish. "As of December 31, 2022, less than 5% of the Company’s $719 million of cash, cash equivalents and marketable securities was held at Silicon Valley Bank (SVB). Therefore, we do not expect the SVB situation to materially impact the Company’s overall liquidity position or its day to day operations."