POET Technologies (POET) reported that it has no financial exposure to the closure on Friday, March 10, 2023 of Silicon Valley Bank (SIVB) by the State of California and the Federal Deposit Insurance Corporation. POET’s operating cash reserves are held in insured accounts at multiple banks both nationally and internationally. Cash not immediately needed for operations is invested in US and Canadian Term Deposits that mature in less than 90 days. Such short-term investments consist of guaranteed investment certificates held with other Canadian chartered banks.
Published first on TheFly
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