AcuityAds Confirms All Monies Recovered from Silicon Valley Bank

Rhea-AI Summary

AcuityAds Holdings Inc. (TSX:AT, Nasdaq: ATY) announced that it has successfully recovered all cash deposits previously held with Silicon Valley Bank. These funds are now securely deposited at a Canadian Schedule I bank. CEO Tal Hayek expressed gratitude for the team’s efforts in maintaining operational continuity during this period. The company highlighted its strong fourth quarter 2022 results and is now focusing on business growth and market share expansion. AcuityAds offers targeted digital media solutions through its illumin™ platform, enabling marketers to make informed decisions regarding consumer engagement.

Positive

• Recovery of all cash deposits with Silicon Valley Bank, enhancing liquidity.
• Strong fourth quarter 2022 results indicated positive business momentum.
• Focus on growing business and increasing market share.

Negative

• None.

TORONTO and NEW YORK, March 16, 2023 (GLOBE NEWSWIRE) -- AcuityAds Holdings Inc. (TSX:AT, Nasdaq: ATY) (“AcuityAds” or “Company”), a technology leader that provides targeted digital media solutions enabling advertisers to connect intelligently with audiences across advertising channels, today provided an update on its previously disclosed cash deposits with Silicon Valley Bank (SVB). The Company is pleased to report that all monies mentioned in its press release dated March 10, 2023, have been recovered from SVB and are currently on account at a Canadian Schedule I bank.

“I want to thank our team for working tirelessly around the clock this weekend to ensure we had no operational interruptions with our clients, vendors or employees,” said Tal Hayek, Co-Founder and Chief Executive Officer of AcuityAds. “After reporting strong fourth quarter 2022 results on the back of tremendous illumin momentum, we can now turn our attention back to growing our business and continuing to increase our market share.”

About AcuityAds:

AcuityAds is a leading Journey Advertising technology company that empowers marketers to make smarter decisions about targeting and communicating with online consumers. Its journey advertising platform, illumin™, offers media planning, buying and real-time intelligence from a single platform. With proprietary Artificial Intelligence, illumin™ brings unique programmatic capabilities to connect the consumer journey and help marketers understand a consumer’s true value to their brand. The Company brings an integrated ecosystem of privacy-protected data, inventory, brand safety and fraud prevention partners, offering trusted solutions with proven, above benchmark outcomes for the most demanding marketers.

AcuityAds is headquartered in Toronto with offices throughout Canada, the U.S., Europe and Latin America. For more information, visit https://illumin.com.

For further information, please contact:

Daniel Gordon Investor Relations Manager AcuityAds Holdings Inc. 416-218-9888 ext. 5313 investors@acuityads.com

Babak Pedram Investor Relations – Canada Virtus Advisory Group Inc. 416-644-5081 bpedram@virtusadvisory.com

David Hanover Investor Relations – U.S. KCSA Strategic Communications 212-896-1220 dhanover@kcsa.com

Disclaimer in regard to Forward-looking Statements

Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Except as required by law, AcuityAds does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

FAQ

What recent financial update did AcuityAds (ATY) provide?

AcuityAds announced the recovery of all cash deposits from Silicon Valley Bank and their transfer to a Canadian Schedule I bank.

How did AcuityAds handle operational challenges with SVB?

The CEO thanked the team for their efforts in ensuring no operational interruptions during the recovery process.

What were the fourth quarter 2022 results for AcuityAds (ATY)?

AcuityAds reported strong fourth quarter 2022 results, showcasing significant momentum and business performance.

What is the focus for AcuityAds moving forward?

AcuityAds aims to focus on business growth and increasing its market share after recovering its funds.