Spectral MD Holdings Ltd (AIM:SMD), a predictive analytics company with proprietary AI algorithms and optical technology for faster and more accurate treatment decisions in wound care, has reassured stakeholders that it does not have any cash deposits with Silicon Valley Bank (SVB) nor does it have any banking relationship with SVB.
SVB entered administration over the weekend following a bank run on deposits enacted by its core client base of US tech start-ups.
SVB was facing billions in unrealised losses due to the substantial sum of US Treasury bonds held on the bank’s balance sheet.
HSBC has agreed to a bail-out of SVB’s UK-based subsidiary.
Spectral’s AIM-listed shares added 1.6% to 31p in Monday’s early trades.