Polarean Imaging PLC (AIM:POLX, OTC:PLLWF) has requested a temporary suspension of trading in its shares on AIM as it assesses the impact to the business of the collapse of Silicon Valley Bank (SVB).
Of the US$13.9mln of cash it had at the end of last month, US$1.5mln was in a Wells Fargo account, while US$12.4mln was with SVB.
That said, US$9.8mln was held in money market mutual funds operated by Morgan Stanley (NYSE:MS), BlackRock and Western Asset and therefore are not considered SVB deposits. As such, it appears unlikely they will be considered part of the estate of the failed US bank.
In addition, the company said it has US$1mln in an SVB checking account and US$1.6mln in an SVB sterling checking account.
Polarean said its immediate working capital requirements will be met from the US$1.5mln held by Wells Fargo plus US$250,000 guaranteed by the Federal Deposits Insurance Corporation.