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Rocket Lab USA (NASDAQ:RKLB) disclosed in a SEC filing late on Friday that it is aware of media reports indicating that Silicon Valley Bank has been closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver.
The space company announced that it has deposit accounts with Silicon Valley Bank with an aggregate balance of approximately $38M, which was approximately 7.9% of its total cash and cash equivalents and marketable securities as of December 31, 2022.
RKLB did not address if it expects to recover the uninsured portion of the deposit balances.
Shares of RKLB fell 1.05% in postmarket trading on Friday after shedding 4.17% during the regular session. See the advanced trading chart on RKLB.