Polarean Imaging PLC (AIM:POLX, OTC:PLLWF) has said it is now able to access its funds following rescue measures taken by the US authorities in the wake of the collapse of Silicon Valley Bank (SVB).
It means the temporary suspension of trading in its shares will be lifted.
The Federal Deposit Insurance Corporation (FDIC) created a ‘bridge bank’ designed to protect SVB depositors, and Polarean, after a temporary hiatus, was able to verify its balance and its ability to tap into funds.
“Operating activities of the company have proceeded unaffected throughout the course of this event,” it told investors.
On Monday, Polarean said that of the US$13.9mln of cash it had at the end of last month, US$12.4mln was with SVB.
Thousands of technology companies, hundreds of them here in the UK, found themselves in a similar position after a run on the California-based lender led to it being placed into receivership.