Streaming devices maker Roku said Friday it had about $487 million, or 26% of its cash and cash equivalents, held in deposits with SVB Financial Group, which has been closed down by California banking regulators.
Roku in a regulatory filing also said its deposits with SVB were largely uninsured, sending its shares down 10% in extended trading.
SVB was shuttered by banking regulators on Friday in a bid to protect depositors following a dive in the value of its investment holdings and a rush of withdrawal requests starting just two days ago.
Regulators appointed the Federal Deposit Insurance Corp. as receiver, which said that insured depositors will regain access to their deposits no later than Monday.
The shutdown sent shockwaves through the startup community as the bank has been central to the formation of many early-stage companies.
Online gaming firm Roblox also said it had about $150 million in deposits with SVB.
Rose is a name that comes with an epic description for technology geek. She loves decoding things that are new in the technological advancement sector. She has been contributing interesting news from technology section.