Rocket Lab has US$38m of exposure to Silicon Valley Bank

Up in smoke? Rocket Lab has US$38M of cash and near-cash with failed Silicon Valley Bank (Image: Rocket Lab)

Sun, 12 Mar 2023

Rocket Lab’s shares came under pressure after it said it has exposure to Silicon Valley Bank.The space launch company said it has deposit accounts with SVB with an aggregate balance of approximately US$38 million (NZ$62m).In a US filing it said that is approximately 7.9% of the company’s total cash and cash equivalents and marketable securities as of Dec 31, 2022.On Friday, SVB was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver.Rocket...

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