iStock
Velo3D, Inc., an additive manufacturing technology company for mission-critical metal parts, issued a statement on its relationship with Silicon Valley Bank.
The company has an immaterial portion, specifically $4 million, of its total cash, cash equivalents and short-term investments in deposit accounts at Silicon Valley Bank.
In addition, the company has certain credit facilities with Silicon Valley Bank; however, the company had not planned on significant further drawdowns on these facilities to meet its growth objectives for 2023.
The company believes that the closure of Silicon Valley Bank will have minimal impact on its liquidity and business operations and is taking the appropriate actions to minimize any future impact.
