electroCore Affirms No Direct Exposure to Silicon Valley Bank, Silvergate Bank, or Signature Bank

Rhea-AI Summary

electroCore, Inc. (Nasdaq: ECOR) announced on March 14, 2023, that it has no direct exposure to Silicon Valley Bank, Silvergate Bank, or Signature Bank. The company does not hold cash deposits or securities with these banks, maintaining corporate cash accounts with large global money center banks instead. electroCore specializes in developing non-invasive vagus nerve stimulation (nVNS) technology aimed at improving health and wellness through medical devices and consumer products. The press release also includes forward-looking statements regarding the company’s business prospects, product development, and potential markets for its technologies.

Positive

• No direct exposure to financially troubled banks, minimizing risk.
• Strong cash management strategy with accounts at large global money center banks.

Negative

• None.

ROCKAWAY, N.J., March 14, 2023 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine and wellness company, announced today it does not have direct exposure to Silicon Valley Bank, Silvergate Bank, or Signature Bank. electroCore does not hold cash deposits or securities with these banking institutions, and currently holds corporate cash accounts with large global money center banks.

About electroCore, Inc.
electroCore, Inc. is a commercial stage bioelectronic medicine and wellness company dedicated to improving health through its non-invasive vagus nerve stimulation (“nVNS”) technology platform. Our focus is the commercialization of medical devices for the management and treatment of certain medical conditions and consumer product offerings utilizing nVNS to promote general wellbeing and human performance in the United States and select overseas markets.

For more information, visit www.electrocore.com.

Forward-Looking Statements
This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about electroCore's business prospects and clinical and product development plans (including with respect to ongoing studies); its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, clinical and commercial developments; the issuance of U.S. and international patents providing expanded IP coverage; the possibility of future business models and revenue streams from the company’s potential use of nVNS for the enhancement of second learning vocabulary acquisition, the potential of nVNS generally and gammaCore in particular and other statements that are not historical in nature, particularly those that utilize terminology such as "anticipates," "will," "expects," "believes," "intends," other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore™, the potential impact and effects of COVID-19 on the business of electroCore, electroCore’s results of operations and financial performance, and any measures electroCore has and may take in response to COVID-19 and any expectations electroCore may have with respect thereto, competition in the industry in which electroCore operates and overall market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the SEC available at www.sec.gov.

Contact:
Rich Cockrell
CG Capital
404-736-3838
ecor@cg.capital

FAQ

What announcement did electroCore make on March 14, 2023?

electroCore announced it has no direct exposure to Silicon Valley Bank, Silvergate Bank, or Signature Bank and maintains cash accounts with large global money center banks.

How does electroCore manage its cash?

electroCore manages cash by holding accounts with large global money center banks rather than smaller, troubled banks.

What technology does electroCore focus on?

electroCore focuses on non-invasive vagus nerve stimulation (nVNS) technology for improving health and wellness.

Is electroCore's current financial position strong?

Yes, electroCore's lack of exposure to troubled banks indicates a strong current financial position.