HORSHAM, PA — STRATA Skin Sciences, Inc. (NASDAQ: SSKN) this week announced it does not have exposure to Silicon Valley Bank.
STRATA affirmed that it does not hold cash deposits or securities with Silicon Valley Bank, and does not otherwise have a business relationship with Silicon Valley Bank.
Silicon Valley Bank is in the news this week after its collapse into receivership. The bank, which is headquartered in Santa Clara and has a presence in over 20 countries, was forced to close its doors after being unable to recover from mounting debt. While it served mainly as a technology-focused commercial lender, the Bank also provided financial services to smaller businesses and startups as well. Although reports of mismanagement abound, the exact cause for the bank’s failure remains unconfirmed, with some experts pointing to an overreliance on imprudent lending strategies or insufficient capital reserves.
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