Developer Huuuge Inc discloses $24.2 million in cash and securities held at SVB

Huuuge Inc said over the weekend that it held roughly 10% of its cash and securities at the suddenly collapsed Silicon Valley Bank (SVB).

The company also said it had sufficient resources to meet shorter-term cash requirements.

According to the US-registered mobile games developer, it had nearly $237 million of cash and securities as of March 10th, $24.2 million of which it held at SVB.

Huuuge said that the remaining balance of its cash and cash equivalents was held at “several large reputable financial institutions.”

The abrupt collapse of startup-focused Silicon Valley Bank last Friday became the largest bank failure in the US since the 2008 financial crisis, as it left billions of dollars of deposits stranded.

The bank was closed by California banking regulators on Friday, while the Federal Deposit Insurance Corporation was appointed as receiver for later disposition of SVB’s assets.

The Santa Clara-based SVB Financial Group was the 16th largest lender in the United States at the end of 2022, with its total assets standing at $209 billion.

US authorities said SVB clients would have access to all their deposits as soon as Monday.

The shares of Huuuge Inc (HUGP) were last retreating 2.48% on Monday to trade at PLN 28.30 in Warsaw, while extending the loss from Friday.