ViewRay sees no material impact to operations from SVB’s closure, receivership

In a regulatory filing, ViewRay stated: "As disclosed in ViewRay’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on February 28, 2023, the company has held a significant majority of its cash, cash equivalents, and short-term investments with Silicon Valley Bank (SIVB). Beginning Monday, March 13, 2023, the company moved the majority of its cash, cash equivalents, and short-term investments held at SVB to other financial institutions. At present, the company holds less than 5% of its cash, cash equivalents, and short-term investments with SVB and intends to hold a de minimis amount with SVB going forward, pending the resolution of SVB’s closure and receivership under the Federal Deposit Insurance Corporation. In addition, since November 2022, the company has maintained a five-year loan facility agreement with MidCap Financial and SVB, comprised of a term loan of up to $100 million and a revolving line of credit of up to $25 million. At present, the company has $80 million in outstanding debt to MidCap and SVB under the Agreement. The company is currently, and at all times has been, in compliance with the Agreement, including all financial covenants. The company notes that no material impact to operations has occurred or is expected to occur in connection with SVB’s closure and receivership under the FDIC."