Valens Semiconductor Issues Statement Regarding Silicon Valley Bank

Rhea-AI Summary

Valens Semiconductor Ltd. (NYSE: VLN) announced on March 12, 2023, that neither it nor its subsidiaries hold cash deposits or securities with Silicon Valley Bank, nor do they carry any debt with the institution. This statement aims to reassure stakeholders about the company's financial stability amid broader uncertainties in the banking sector.

Valens Semiconductor specializes in high-speed connectivity solutions for the audio-video and automotive markets, leveraging its industry-leading HDBaseT technology. The company's automotive chipsets support significant advancements in autonomous driving and ADAS systems.

Positive

• No cash deposits or securities held with Silicon Valley Bank, reducing exposure to potential bank instability.
• Strong position in the audio-video and automotive connectivity markets with advanced technology integration.

Negative

• None.

HOD HASHARON, Israel, March 12, 2023 /PRNewswire/ -- Valens Semiconductor Ltd. (NYSE: VLN), a premier provider of high-speed connectivity solutions for the audio-video and automotive markets, today announced that it or any of its subsidiaries do not hold cash deposits or securities, nor do they have debt with Silicon Valley Bank.

About Valens Semiconductor
Valens Semiconductor pushes the boundaries of connectivity by enabling long-reach, high-speed video and data transmission for the Audio-Video and Automotive industries. Valens' HDBaseT^® technology is the leading standard in the Audio-Video market with tens of millions of Valens' chipsets integrated into thousands of products in a wide range of applications. Valens Semiconductor's Automotive chipsets are deployed in systems manufactured by leading customers and are on the road in vehicles around the world. Valens is a key enabler of the evolution of ADAS and autonomous driving and its advanced technology is the basis for the MIPI A-PHY industry standard for high-speed in-vehicle connectivity. For more information, visit https://www.valens.com/.

For more information, please contact:

Daphna Golden
VP Investor Relations
Valens Semiconductor Ltd.
investors@valens.com

Moriah Shilton
Financial Profiles, Inc.
Valens@finprofiles.com 

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SOURCE Valens Semiconductor

FAQ

What did Valens Semiconductor announce regarding Silicon Valley Bank?

Valens Semiconductor announced that it and its subsidiaries do not hold cash deposits, securities, or debt with Silicon Valley Bank.

How does Valens Semiconductor's technology impact the automotive industry?

Valens Semiconductor's technology supports advancements in ADAS and autonomous driving, positioning the company as a key player in the automotive sector.

What is the stock symbol for Valens Semiconductor?

The stock symbol for Valens Semiconductor is VLN.

When was the announcement made by Valens Semiconductor?

The announcement was made on March 12, 2023.