: Bionano Genomics’ $2.1 million in cash in SVB accounts is part of $113.2 million in cash, cash equivalents and AFS securities
Shares of Bionano Genomics Inc. BNGO rallied 1.3% in morning trading Monday, reversing an earlier loss of as much as 7.5%, after the life sciences instrumentation company said it had about $2.1 million in accounts with SVB Financial Group’s SIVB Silicon Valley Bank, which was closed by regulators last week. That exposure compares with the $5.1 million the company had in cash and cash equivalents and $108.1 million in available-for-sale (AFS) securities as of Dec. 31. “According to the FDIC [Federal Deposit Insurance Corporation], all insured depositors will have full access to their insured deposits no later than Monday, March 13, 2023,” the company said in a statement. “The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds.” The stock has plummeted 39.9% over the past three months through Friday, while the S&P 500 SPX has shed 3.9%.
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