Root, Inc. Not Materially Impacted by Silicon Valley Bank Closure
11 Março 2023 - 11:29AM
Root, Inc. (NASDAQ: ROOT), a leading technology company powering
insurance solutions and the parent company of Root Insurance, today
announced that it currently maintains approximately $1.3 million on
deposit with Silicon Valley Bank (“SVB”). The Company considers its
own banking exposure to any liquidity concern at SVB as immaterial
to the Company’s cash position. The Company plans to transfer its
funds from SVB at the earliest opportunity.
About Root, Inc.
Root, Inc. is the parent company of Root Insurance Company. Root is
revolutionizing insurance through data science and technology to
provide consumers a personalized, easy, and fair experience.
Contacts: Media:
press@joinroot.com
Investor Relations:
ir@joinroot.com
Forward-Looking Statements:This press release
contains forward-looking statements within the meaning of federal
securities laws regarding Root, Inc. These forward-looking
statements relate to, among other things, expectations about our
future business results. Such forward-looking statements are not
guarantees of future performance and are subject to risks,
uncertainties and other factors, some of which are beyond the
company's control and are difficult to predict. We have based our
forward-looking statements on our current expectations, estimates
and projections about our industry and our company. We caution that
these statements are not guarantees of future performance and you
should not rely unduly on them, as they involve risks,
uncertainties and assumptions that we cannot predict and many of
which are beyond our control. Accordingly, our actual results may
differ materially from the future performance that we have
expressed or forecast in our forward-looking statements. In
accordance with "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, we have included in Root's Form 10-K
for the year ended Dec. 31, 2022, and other SEC filings, cautionary
language identifying important factors, though not necessarily all
such factors, that could cause future outcomes to differ materially
from those set forth in the forward-looking statements. Copies of
Root's Form 10-K and other SEC filings are available on the SEC's
website, Root's website at
https://ir.joinroot.com/investor-relations or by contacting
Root's Investor Relations office.
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