Rocket Lab says 7.9% of cash, equivalents held at Silicon Valley Bank

In a regulatory filing, Rocket Lab (RKLB) said it is aware of media reports indicating that Silicon Valley Bank (SIVB) has been closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. On March 10, the company announced that it has deposit accounts with SVB with an aggregate balance of approximately $38M, which is approximately 7.9% of the company’s total cash and cash equivalents and marketable securities as of December 31, 2022.