Huuuge with $24.2m deposited in Silicon Valley Bank, upon the lender's bankrupcy

WSE-listed Huuuge Inc., a global free-to-play game developer and online game publisher, has revealed that it had approximately $24.2 million deposited in Silicon Valley Bank (SVB) at the time of its bankruptcy announcement on March 10, 2023. This amounts to about 10% of all of the company's cash and cash equivalents. The remaining balance of the company's funds are deposited in large, reputable financial institutions in accordance with the company's internal investment policy.

Huuuge assures that the remaining funds will be sufficient to cover operational needs and obligations in the foreseeable future. The company is aware of the closure of SVB and the Federal Deposit Insurance Corporation (FDIC) has taken control of its assets and deposits. The company is uncertain of the exact amount of assets it can recover from SVB and will follow the process led by FDIC.

Source: ISBnews