Huuuge Inc, a mobile games developer based in the United States, has reported that about 10% of its cash and securities were held at Silicon Valley Bank (SVB), which recently collapsed. According to Huuuge, it has enough resources to meet its cash requirements for the foreseeable future, despite having $24.2 million of its $237 million cash and securities held at SVB as of March 10.
SVB’s collapse, which occurred on Friday, was a significant event that impacted global markets and left billions of dollars of companies and investors’ funds stranded. However, US authorities have stepped in to limit the fallout by ensuring that the failed bank’s customers have access to their deposits starting Monday and by setting up a new facility to give banks access to emergency funds.
Huuuge stated that the remaining balance of its cash and cash equivalents is held across various reputable financial institutions, but the recovery of the funds held at SVB will be subject to the FDIC (Federal Deposit Insurance Corporation) process. As a result, the exact timing and extent to which the assets held at SVB can be recovered are uncertain.