Update regarding Silicon Valley Bank

RNS Number : 7186S

Windward Ltd.

13 March 2023

 

13 March 2023

Windward Ltd.

("Windward", "the Company")

Update regarding Silicon Valley Bank

Windward (LON: WNWD), the leading Maritime AI company, provides an update in relation to Silicon Valley Bank ("SVB").

The Company confirms that it has minimal exposure to the closure of SVB in the US and UK.  The total exposure above the amounts protected by the Federal Deposit Insurance Corporation Scheme (which we now understand to be fully protected https://home.treasury.gov/news/press-releases/jy1337)  and the Financial Services Compensation Scheme in the US and UK is in aggregate less than 0.5% of the Company's cash position as at 31 December 2022.

As at 31 December 2022, the Company had total cash of $22.2m and remains well capitalised.

The Board looks forward to providing investors with an update on current trading with the issue of its Final Results for the year ended 31 December 2022, on 30 March 2023.

For more information, please contact:

Windward Ltd.	Via Alma PR
Irit Singer, CMO
Canaccord Genuity (Nominated Adviser & Broker)	[phone]
Simon Bridges / Andrew Potts
Alma PR	[phone]
Caroline Forde / Kieran Breheny / Pippa Crabtree

About Windward

Windward (LSE:WNWD), a publicly-traded company on the London Stock Exchange, is a leading Maritime AI company, enabling organizations to achieve business and operational readiness. Windward's AI-powered solution allows stakeholders including banks, commodity traders, insurers, and major energy and shipping companies to make real-time, predictive intelligence-driven decisions, providing a 360° view of the maritime ecosystem and its broader impact on safety, security, finance, and business. For more information visit: https://windward.ai/. 

Prior to publication the information communicated in this announcement was deemed by the Company to constitute inside information for the purposes of article 7 of the Market Abuse Regulations (EU) No 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations No 2019/310 ('MAR'). With the publication of this announcement, this information is now considered to be in the public domain.

 

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