Company has Relationships with Multiple US and Foreign Banks
BEVERLY, Mass., March 12, 2023 /PRNewswire/ — Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, today announced that it expects the collapse of Silicon Valley Bank (SVB) into receivership by the Federal Deposit Insurance Corp. to have an immaterial impact on the Company. The Company has an unused line of credit with the bank and has used the bank for customer receivables, in swept deposit accounts.
The Company has banking relationships with multiple U.S. and foreign banks and investment managers and will not have any liquidity issues resulting from the SVB situation. Cash and cash equivalents on December 31, 2022 was $185.6 million, of which approximately $39.2 million of cash was in foreign jurisdictions. In addition, the Company held $246.6 million of short-term investments on December 31, 2022, consisting of U.S. Government and Agency securities.
President and CEO Mary Puma commented, “Axcelis has instructed customers to remit payments to non SVB accounts and will move insured deposit amounts, money market funds and U.S. Government and Agency securities managed by SVB as soon as available. Uninsured deposit account balances at SVB will be moved when available. Disbursement accounts are held at another financial institution so vendor payments will not be impacted.”
Safe Harbor Statement
This press release contains forward-looking statements under the SEC safe harbor provisions. These statements, which include statements relating to the impact of the Silicon Valley Bank collapse, are based on management’s current expectations and should be viewed with caution. They are subject to various risks and uncertainties, many of which are outside the control of the Company, including actions by government entities and other legal processes, and global economic, political and financial conditions. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for 45 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.
Maureen Hart (editorial/media) 978.787.4266
Doug Lawson (investor relations) 978.787.9552
SOURCE Axcelis Technologies, Inc.