Atomera Not Materially Impacted by Silicon Valley Bank Closure

Rhea-AI Summary

Atomera Incorporated (NASDAQ:ATOM) announced its exposure to Silicon Valley Bank (SVB) is immaterial. The company holds no cash deposits with SVB that exceed FDIC-insured limits. Most cash and cash equivalents are held in third-party investment accounts, with SVB only acting as an agent in a sweep account arrangement.

The FDIC's takeover has interrupted access to these external accounts; however, Atomera believes this will not materially affect its ability to meet obligations. Additionally, the company highlighted its use of Mears Silicon Technology (MST), which enhances performance in semiconductor transistors.

Positive

• Company exposure to SVB is immaterial, reducing risk for investors.
• No cash deposits held with SVB beyond FDIC-insured limits, ensuring asset safety.
• Substantial cash is held in third-party investment accounts, providing liquidity.

Negative

• Access to external accounts is currently interrupted due to FDIC takeover, causing temporary operational constraints.
• Potential risks exist regarding SVB's records and control over external accounts.

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.

About Atomera

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.

Safe Harbor

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.

###

Investor Contact:

Bishop IR
Mike Bishop
(415) 894-9633
investor@atomera.com

SOURCE: Atomera, Inc.

View source version on accesswire.com:
https://www.accesswire.com/743334/Atomera-Not-Materially-Impacted-by-Silicon-Valley-Bank-Closure

FAQ

What is Atomera's current banking relationship with Silicon Valley Bank?

Atomera considers its exposure to Silicon Valley Bank to be immaterial and does not hold cash deposits exceeding FDIC-insured limits.

How does Silicon Valley Bank's failure affect Atomera's finances?

Atomera believes that the failure of Silicon Valley Bank will not materially impact its ability to meet obligations, despite temporary interruptions in accessing external accounts.

What technology does Atomera focus on?

Atomera specializes in semiconductor materials and has developed Mears Silicon Technology (MST) to enhance performance in semiconductor transistors.

What risks does Atomera face regarding its external accounts?

Risks include potential inaccuracies in SVB's records and delays in regaining control over accounts due to the FDIC takeover.