Roku Says 26% of Cash Reserves Are in SVB
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Roku ($ROKU@US) said that $487 million, 26 percent of its cash reserves and in uninsured deposits, are at Silicon Valley Bank, the streaming media company said in a filing on Friday with the Securities and Exchange Commission. “At this time, the Company does not know to what extent the Company will be able to recover its cash on deposit at SVB,” Roku said in a press release. Roku said it believed it would be able to meet its capital obligations for the “next twelve months and beyond” with its unaffected $1.4 billion in cash reserves at other “large financial institutions.” Shares fell more than 2 percent in premarket trading.
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