AppLovin Confirms Minimal Exposure to Silicon Valley Bank

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Consumer Discretionary : Textiles, Apparel & Luxury Goods | Small Cap Value

Company profile

Fossil Group, Inc. is a design, marketing and distribution company that specializes in consumer fashion accessories. The Company offers line of men's and women's fashion traditional watches, smartwatches, jewelry, handbags, small leather goods, belts and sunglasses. The Company's segments include Americas, Europe and Asia. The Americas is comprised of sales from its operations in the United States, Canada and Latin America. The Europe segment is comprised of sales to customers based in European countries, the Middle East and Africa. The Asia segment is comprised of sales to customers based in Australia, China, India, Indonesia, Japan, Malaysia, New Zealand, Singapore, South Korea and Thailand. The Company's owned brands include FOSSIL, SKAGEN, MICHELE, RELIC and ZODIAC and licensed brands ARMANI EXCHANGE, DIESEL, DKNY, EMPORIO ARMANI, KATE SPADE NEW YORK, MICHAEL KORS, PUMA, and TORY BURCH. Its products are distributed through wholesale, retail stores, commercial Website, and others.

AppLovin Confirms Minimal Exposure to Silicon Valley Bank

8:00 am ET March 13, 2023 (BusinessWire) Print

AppLovin Corporation (NASDAQ: APP) ("AppLovin"), a leading marketing platform, today issued the following statement regarding the closure of Silicon Valley Bank ("SVB") by the California Department of Financial Protection and Innovation ("CDFPI") and appointment of the Federal Deposit Insurance Corporation ("FDIC") as receiver of SVB.

AppLovin has over $1 billion in cash and cash equivalents with less than $2 million at SVB as of March 10, 2023 and no SVB-related credit facilities. We expect to operate our business in the ordinary course and will continue to carefully monitor the situation.

About AppLovin

AppLovin enables developers to grow their business. Businesses rely on AppLovin's market leading technologies to solve their mission-critical functions with a powerful, full stack solution including user acquisition, monetization and measurement. AppLovin is headquartered in Palo Alto, California with several offices globally.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include statements regarding AppLovin's ability to continue to satisfy its payment obligations to its business partners and employees and statements regarding the closure of SVB and its impact on AppLovin's customers and partners. These forward-looking statements are subject to risks and uncertainties, including risks and uncertainties associated with the closure of SVB and appointment of the FDIC as receiver, as well as the risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

Source: AppLovin Corp.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230313005315/en/

SOURCE: AppLovin Corp.

Investors 
Ryan Gee
ir@applovin.com

Press 
Kim Hughes
press@applovin.com

COMTEX_426483868/1006/2023-03-13T08:00:03