Atomera Not Materially Impacted by Silicon Valley Bank Closure
LOS GATOS, CA / ACCESSWIRE / March 12, 2023 / Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology licensing company, today provided commentary on its current banking relationship with Silicon Valley Bank ("SVB"). Atomera considers its exposure to SVB to be immaterial. The Company does not hold cash deposits or securities at SVB above the FDIC-insured maximum. Substantially all of Atomera's cash and cash equivalents are held in investment accounts at third-party institutions, with SVB acting only as the agent under a "sweep account" arrangement. Under FDIC guidance, the swept funds will not be treated by the FDIC as deposit obligations of the failed institution and therefore are not at risk as a result of SVB's failure. Although access to these external accounts has been interrupted by the FDIC takeover, the Company does not believe that the interruption will materially affect its ability to meet its obligations as they come due.
Atomera Incorporated, is a semiconductor materials and technology licensing company focused on deploying its proprietary, silicon-proven technology into the semiconductor industry. Atomera has developed Mears Silicon Technology™ (MST®), which increases performance and power efficiency in semiconductor transistors. MST can be implemented using equipment already deployed in semiconductor manufacturing facilities and is complementary to other nano-scaling technologies in the semiconductor industry roadmap. More information can be found at www.atomera.com.
This press release contains forward-looking statements concerning Atomera Incorporated, including statements regarding the status of sweep accounts, access to such accounts, liquidity concerns, FDIC and other regulatory interpretations, future actions by the FDIC and other state and federal regulatory bodies and impacts of the failure of SVB on the financial system as a whole. Those forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially, including including (i) the risk that SVB's books and records may not accurately evidence Atomera's ownership of the external accounts, (ii) the risk that it may take the FDIC longer than expected to provide control over those external accounts to Atomera and (iii) those other risks disclosed in the section "Risk Factors" included in our Annual Report on Form 10-K filed with the SEC on February 15, 2023. We caution readers not to place undue reliance on any forward-looking statements. We do not undertake, and specifically disclaim any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
SOURCE: Atomera, Inc.
03/12/2023 EQS Newswire / EQS Group AG