I combed, filtered, and summarized every #SEC 8-K filing from tech companies across the country this weekend, using a proprietary, internal version of #ChatGPT** to give you the lowdown on their disclosures regarding #SVB. Here you go:
(**that's my 🧠 + ✍️, y'all)
Unfortunately, all of these statements filed via form 8-K don't say a whole lot other than "we're not/are minimally exposed" - but we have YET to see:
(a) the magnitude of horror for those that ARE exposed; and
(b) the unannounced panic of non-reporting companies.
Meanwhile, other banks are declaring their safety, like First Republic: ir.firstrepublic.com/static-files/295faa27-f208-4936-81ff-6c8bfa0fb6b5.
We'll see how many other banks follow suit declaring solvency, and whether they open their arms to the companies currently struggling to move lines of credit and loan facilities.
I sympathize extra with those holding loan/credit facilities than cash accounts, TBH.
Cash is gen. less worrisome (most AVERAGE account levels fall within insured levels) as they can ultimately be recouped, despite the inconvenience and inevitable fallout of the freeze.
But so many tech companies have little to no revenue; they rely on being able to draw from COMMITTED capital -- not just current 'dollars in the bank.'
So now, folks are looking at starting the vetting process fresh over, with very strained resources.
"Safe" banks (which, if you read @ProfessorStam's thread on social media as a unique threat, you'll understand is no longer a calculable designation) will try to house as many new accounts as possible, but have their own internal limits.
The moral of this story? Be kind and patient with the process of bandaging this contagion -- on both sides.
And remember: just because Joel + Ellie in The Last of Us aren't infected CLEARLY doesn't mean they're out of the woods.