In a filing, the company states: "On March 10, 2023, the Federal Deposit Insurance Corporation issued a press release stating that Silicon Valley Bank, Santa Clara, California, was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara. At the time of closing, the FDIC as receiver immediately transferred all insured deposits of SVB. As of December 31, 2022, X4 Pharmaceuticals Inc. had approximately 2.5% of its cash deposits with SVB. According to the FDIC, all insured depositors will have full access to their insured deposits no later than Monday, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors."
Published first on TheFly
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