Roku Says 26% of Its Cash Reserves Are Stuck In SVB

Roku has $487 million of cash and cash equivalents in uninsured deposits at failed Silicon Valley Bank, the streaming media company said in an filing on Friday with the Securities and Exchange Commission. CNBC reports: About 26% of Roku's $1.9 billion in cash was deposited with SVB, which was placed into receivership by the Federal Deposit Insurance Corp. midday Friday. Roku shares fell over 4% in extended trading on the news. "At this time, the Company does not know to what extent the Company will be able to recover its cash on deposit at SVB," Roku said in a press release. Nonetheless, Roku said it believed it would be able to meet its capital obligations for the "next twelve months and beyond" with its unaffected $1.4 billion in cash reserves at other "large financial institutions." "As stated in our 8-K, we expect that Roku's ability to operate and meet its contractual obligations will not be impacted," a Roku spokesperson said in a statement to CNBC. Important note: FDIC insurance only covers the first $250,000 in deposit accounts.

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