- Latch, Inc (NASDAQ:LTCH) disclosed deposits with SVB Financial Group (NASDAQ:SIVB) of approximately $3.1 million, representing less than 2% of the company’s total cash and equivalents as of March 8.
- Latch believes the FDIC has insured a portion of the deposits.
- Latch’s cash and cash equivalents and current and non-current available-for-sale securities as of March 8 were approximately $215.4 million.
- Today the U.K. government has announced that HSBC Holdings, Plc (NYSE:HSBC) acquired Silicon Valley Bank’s British arm.
- The deal comes in the wake of the collapse of Silicon Valley Bank, a subsidiary of SVB Financial Group, on Friday, following which the Federal Deposit Insurance Corp assumed control of the bank.
- The company also said it has no deposits with Signature Bank (NASDAQ:SBNY).
- Also Read: Biden Addresses FDIC Bank Takeovers: ‘The Banking System Is Safe’
- Price Action: LTCH shares traded higher by 21.09% at $0.62 on the last check Monday.
Martin Midstream Partners And 3 Other Penny Stocks Insiders Are Buying
The Dow Jones closed higher by over 200 points on Tuesday. When insiders purchase or sell shares, it indicates their confidence or concern around the company's prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.
