Company has Relationships with Multiple US and Foreign Banks
Axcelis Technologies, Inc., a leading supplier of enabling ion implantation solutions for the semiconductor industry, announced that it expects the collapse of Silicon Valley Bank (SVB) into receivership by the Federal Deposit Insurance Corp. to have an immaterial impact on the Company. The Company has an unused line of credit with the bank and has used the bank for customer receivables, in swept deposit accounts.
The Company has banking relationships with multiple U.S. and foreign banks and investment managers and will not have any liquidity issues resulting from the SVB situation. Cash and cash equivalents on December 31, 2022 was $185.6 million, of which approximately $39.2 million of cash was in foreign jurisdictions. In addition, the Company held $246.6 million of short-term investments on December 31, 2022, consisting of U.S. Government and Agency securities.
Latest Fintech News: Options Announces Partnership with Trade The Pool
Axcelis announced that it expects the collapse of SVB to have an immaterial impact on the Company
President and CEO Mary Puma commented, “Axcelis has instructed customers to remit payments to non SVB accounts and will move insured deposit amounts, money market funds and U.S. Government and Agency securities managed by SVB as soon as available. Uninsured deposit account balances at SVB will be moved when available. Disbursement accounts are held at another financial institution so vendor payments will not be impacted.”
Latest Fintech News: Masttro Secures $43 Million Growth Equity Investment Led By FTV Capital
About Axcelis:
Axcelis, headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for 45 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process.
Latest Fintech News: Orion Innovation Acquires Banktech Software Services
[To share your insights with us, please write to sghosh@martechseries.com]
