Unity Issues Statement Regarding the Events Surrounding Silicon Valley Bank

Rhea-AI Summary

Unity Software Inc. (NYSE: U) announced that less than 5% of its cash and cash equivalents are held with Silicon Valley Bank (SVB), now under FDIC receivership. Unity expects minimal impact on its operations due to this situation. The company, recognized as the leading platform for real-time 3D content creation, emphasized its resilience and commitment to its clients. Unity's diverse software solutions cater to various platforms, supporting content creators through the development lifecycle.

Positive

• Less than 5% of cash with Silicon Valley Bank, limiting risk exposure.
• Minimal expected impact on operations from SVB's receivership.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- Unity Software Inc. (NYSE: U), the world’s leading platform for creating and growing real-time 3D (RT3D) content, is providing the following statement regarding the events surrounding Silicon Valley Bank:

“As Silicon Valley Bank (SVB) has been placed under receivership with the Federal Deposit Insurance Corp (FDIC), Unity is disclosing that less than 5% of our cash and cash equivalents are with SVB, not including any FDIC-insured amounts, and we expect minimal impact on our operations.”

About Unity Software Inc. (Unity)

Unity is the world’s leading platform for content creators of all sizes to successfully realize their vision. Our comprehensive set of software solutions supports them through the entire development lifecycle as they build, run, and grow immersive, real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. For more information, visit unity.com.

Unity uses its website (investors.unity.com), filings with the SEC, press releases, public conference calls, and public webcasts as means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements

This press release contains “forward-looking statements,” as that term is defined under federal securities laws, including, in particular, statements about Unity's plans, strategies and objectives. The words “believe,” “may,” “will,” “estimate,” “continue,” “intend,” “expect,” “plan,” “project,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Further information on these and additional risks that could affect Unity’s results is included in our filings with the Securities and Exchange Commission (SEC) which are available on the Unity Investor Relations website. Statements herein speak only as of the date of this release, and Unity assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this publication except as required by law.

Source: Unity

View source version on businesswire.com: https://www.businesswire.com/news/home/20230310005439/en/

Investor Relations:

Richard Davis

ir@unity3d.com

Media Relations:

Ryan M. Wallace

ryan.wallace@unity3d.com

Source: Unity

FAQ

What is Unity Software's cash exposure to Silicon Valley Bank?

Unity Software has less than 5% of its cash and cash equivalents with Silicon Valley Bank, which is now under FDIC receivership.

How is Unity Software impacted by the SVB situation?

Unity Software expects minimal impact on its operations despite Silicon Valley Bank being placed under receivership.

What is the stock symbol for Unity Software?

The stock symbol for Unity Software is U.