Latch Discloses $3.1M Exposure To SVB Financial

Latch, Inc LTCH disclosed deposits with SVB Financial Group SIVB of approximately $3.1 million, representing less than 2% of the company's total cash and equivalents as of March 8.
Latch believes the FDIC has insured a portion of the deposits.
Latch's cash and cash equivalents and current and non-current available-for-sale securities as of March 8 were approximately $215.4 million.
Today the U.K. government has announced that HSBC Holdings, Plc HSBC acquired Silicon Valley Bank's British arm.
The deal comes in the wake of the collapse of Silicon Valley Bank, a subsidiary of SVB Financial Group, on Friday, following which the Federal Deposit Insurance Corp assumed control of the bank.
The company also said it has no deposits with Signature Bank SBNY.
Also Read: Biden Addresses FDIC Bank Takeovers: 'The Banking System Is Safe'
Price Action: LTCH shares traded higher by 21.09% at $0.62 on the last check Monday.