Mobile game developer Huuuge Inc. said about 10% of its liquid assets are held at Silicon Valley Bank and that the group has sufficient resources to meet cash requirements for the foreseeable future.
(Bloomberg) —
Mobile game developer Huuuge Inc. said about 10% of its liquid assets are held at Silicon Valley Bank and that the group has sufficient resources to meet cash requirements for the foreseeable future.
The Warsaw-listed company had a total of about $237 million of cash and securities as of March 10, of which $24.2 million were held at SVB, Huuuge said in filing on Saturday.
Operations won’t be materially affected even though the company isn’t able to “determine the exact timing and the extent to which the assets held at SVB can be recovered,” it said.
The stock dropped 2.4% on Friday, valuing the game maker at 2.44 billion zloty ($555 million).
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.