Mobile games developer Huuuge says has $24.2 million at SVB
March 13, 2023 at 02:26 am EDT
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(Reuters) - Mobile games developer Huuuge Inc said late on Saturday about 10% of its cash and securities were held at the collapsed Silicon Valley Bank (SVB), adding it has sufficient resources to meet cash requirements for the foreseeable future.
U.S.-registered Huuuge said it had about $237 million of cash and securities as of March 10 and about $24.2 million of that was held at SVB.
Startup-focused lender SVB became the largest U.S. bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded.
U.S. authorities stepped in to limit the fallout from SVB's collapse, saying the failed bank's customers will have access to all their deposits starting Monday and set up a new facility to give banks access to emergency funds.
The Warsaw-listed company known for its social casino games said the remaining balance of its cash and cash equivalents is held across "several large reputable financial institutions".
The recovery of the funds will be subject to the FDIC (Federal Deposit Insurance Corporation) process and the Issuer is unable to determine the exact timing and the extent to which the assets held at SVB can be recovered," Huuuge said.
(Reporting by Anna Pruchnicka; Editing by Kim Coghill)
Huuuge, Inc. is engaged in holding activities. The Company is engaged in the development of mobile games in the free-to-play model, distribution, and user acquisition of its own mobile games. The Companyâs products include Huuuge Casino, Billionaire Casino, and Traffic Puzzle. Huuuge Casino offers players over 100 casino slot machines, as well as card games and roulette. Billionaire Casino offers players casino slot machines, as well as card games and roulette. Traffic Puzzle offers different levels in which players assist vehicles such as the police, fire trucks and ambulances to reach their destinations. The Company has operations in the United States, Germany, United Kingdom, Canada, Japan, France, Netherlands, Australia, Poland, Switzerland, Taiwan, Italy, South Africa, Spain, Austria and others. The Companyâs subsidiaries include Huuuge Games Sp. z o.o., Huuuge Global Ltd, Huuuge Publishing Ltd, Huuuge Block Ltd, Double Star Oy, Huuuge UK Ltd and Huuuge Digital Ltd.