UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On March 10, 2023, the Federal Deposit Insurance Corporation (“FDIC”) announced that it had been appointed receiver of Silicon Valley Bank (“SVB”). Marchex, Inc. (“Marchex”) maintained a bank account with SVB with a current balance of approximately $4.6 million dollars.
Separately, Marchex maintained an additional money market account which is managed by SVB Asset Management, a non-bank affiliate of SVB, with the account securities custodied at a non-affiliated third party custodian not related to SVB and with a current value of approximately $5.5 million dollars. Since the underlying money market securities in this account are held with an institution not related to SVB, Marchex is assessing what impact, if any, the SVB receivership will have on the accessibility to these money market account funds and whether a straightforward transfer of management responsibilities of this account to an alternate asset manager is feasible at this time.
According to a joint statement issued by the Department of the Treasury, the Federal Reserve and the FDIC on March 12, 2023, depositors will have access to all of their money at SVB starting Monday, March 13, 2023. Accordingly, Marchex is taking immediate steps to recover all of its account balances from SVB but has not yet received these funds. Based on the Joint Statement, we currently do not believe that the SVB receivership will result in a material adverse impact on our bank account balance, our access to our money market funds held by a third party or our liquidity and financial position.
Marchex had approximately $20.5 million dollars of cash and cash equivalents at December 31, 2022.
Forward-Looking Statements
Any statements in this Form 8-K about the Company’s future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties that could cause the Company’s financial and operating results, performance or achievements to differ significantly from those expressed or implied by such forward-looking statements. Any forward-looking statements represent the Company’s views only as of the date of this Form 8-K. While the Company may elect to update these forward-looking statements in the future based on subsequent events, the Company specifically disclaims any obligation to do so except as required by law.
Exhibit
No. Description
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Marchex has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
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MARCHEX, INC. |
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Date: March 13, 2023 |
By: |
/s/ MICHAEL A. ARENDS |
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Name: |
Michael A. Arends |
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Title: |
Vice Chairman (Principal Financial Officer) |