Mobile games developer Huuuge Inc has confirmed that approximately 10% of its cash and securities, totaling $24.2 million, were held at Silicon Valley Bank (SVB), which collapsed on Friday. The US-registered company stated that it still has sufficient resources to meet cash requirements for the foreseeable future.
Huuuge Inc had $237 million of cash and securities as of March 10, and though a significant portion was held at SVB, the company remains confident that it can meet its financial obligations. Startup-focused lender SVB’s sudden collapse caused widespread concern and financial instability, as it became the largest US bank to fail since the 2008 financial crisis.
Despite this setback, US authorities have moved to limit the fallout from SVB’s collapse by ensuring that the bank’s customers will have access to all their deposits starting on Monday. Additionally, emergency funds have been made available to banks to help stabilize the situation.
Huuuge Inc has assured its stakeholders that it will continue to monitor the situation closely and take any necessary steps to protect its financial interests. While the loss of cash and securities held at SVB is a significant setback, the company’s overall financial position remains strong.
In conclusion, Huuuge Inc is taking proactive measures to ensure its financial stability in light of the collapse of Silicon Valley Bank. While the company has confirmed holding 10% of its cash and securities at SVB, it remains optimistic about its ability to meet its financial obligations in the near future. The article highlights the actions taken by US authorities to limit the fallout from SVB’s collapse and provides an overview of Huuuge Inc’s current financial position.
