Weave had deposits of $2M with Silicon Valley Bank

Weave Communications (WEAV), announced that, as of March 10, it had total deposits of approximately $2M with Silicon Valley Bank, which is less than 2% of the company’s cash and cash equivalents and short-term investments. The Company did not have any cash equivalents or investments held at SVB (SIVB), although it had purchased money market funds through SVB which are managed by a third-party asset manager. Outside institutions serve as custodians for third-party investments held in the company’s name which the company believes are not directly exposed to any consequences of the insolvency of SVB. Weave "does not consider its exposure to the insolvency of SVB to be significant." As previously disclosed, the company also maintains a $50M revolving line of credit with SVB and has borrowed $10M against it. Weave had no pending plans to utilize any additional funds from the revolving line of credit. At this time the company is evaluating future accessibility to the revolving credit line due to SVB moving into receivership.