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United States. Securities and Exchange Commission

Sangamo Therapeutics, Inc. Files Form 8-K Following Silicon Valley Bank Closure

Strategic Insights

— 1 min read

Sangamo Therapeutics, Inc. filed a Current Report on Form 8-K with the Securities and Exchange Commission on March 10, 2023, in response to the closure of Silicon Valley Bank by the California Department of Financial Protection and Innovation. The bank was appointed as receiver by the Federal Deposit Insurance Corporation (FDIC), which will retain all assets for later disposition. As a result, Sangamo became aware that it had approximately $34.4 million in uninsured deposits with SVB, leading to uncertainty regarding the company's ability to recover its cash.

Key Takeaways:

  • Sangamo Therapeutics, Inc. had approximately $34.4 million in uninsured deposits with Silicon Valley Bank on March 10, 2023.
  • The Federal Deposit Insurance Corporation (FDIC) as receiver will pay uninsured depositors an advance dividend within the next week and issue receivership certificates for the remaining amount of their uninsured funds.
  • Sangamo's uncertainty regarding the recovery of its cash in deposit at SVB may impact the company's ability to meet payroll and supplier obligations.
  • The risk of Sangamo not recovering its cash in deposit with SVB and the uncertainty surrounding the receivership process pose additional risks to the company's business, including its cash resources and capital needs.
  • The sufficiency of Sangamo's cash resources and potential need to raise additional capital are also risk factors cited in the Form 8-K filing.

Statistics:

  • $34.4 million: The amount of Sangamo's uninsured deposits with Silicon Valley Bank as of March 10, 2023.
  • $307.5 million: The total cash, cash equivalents, and marketable securities Sangamo had as of December 31, 2022.
  • 510-970-6000: Sangamo's registrant's telephone number, including area code.

Sources:

  • Form 8-K filed by Sangamo Therapeutics, Inc. with the Securities and Exchange Commission on March 10, 2023 (Reference: UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549).
  • Press release from the Federal Deposit Insurance Corporation (FDIC) regarding the closure of Silicon Valley Bank (Reference: Not explicitly provided).
  • Sangamo Therapeutics, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2022 (Reference: UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549).

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