SuperCom Announces it Has No Exposure to Silicon Valley Bank and Signature Bank

Rhea-AI Summary

SuperCom (NASDAQ: SPCB) announced on March 13, 2023, that it has no banking exposure to Silicon Valley Bank or Signature Bank. This announcement clarifies that neither SuperCom nor its subsidiaries hold any financial relationships with these banks. SuperCom is a provider of secured solutions across e-Government, IoT, and Cybersecurity sectors, offering identity solutions and advanced technology to governments worldwide.

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In the trading session that priced this news, SPCB declined 5.63%, reflecting a notable negative market reaction.

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TEL AVIV, Israel, March 13, 2023 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors, has announced today that it has no exposure to Silicon Valley Bank and Signature Bank. Neither SuperCom, nor any of its subsidiaries, have any banking relationship with either of these banks.

About SuperCom

Since 1988, SuperCom has been a global provider of traditional and digital identity solutions, providing advanced safety, identification, and security solutions to governments and organizations, both private and public, worldwide. Through its proprietary e-Government platforms and innovative solutions for traditional and biometrics enrollment, personalization, issuance, and border control services, SuperCom has inspired governments and national agencies to design and issue secure Multi-ID documents and robust digital identity solutions to its citizens and visitors. SuperCom offers a unique all-in-one field-proven RFID & mobile technology and product suite, accompanied by advanced complementary services for various industries, including healthcare and homecare, security and safety, community public safety, law enforcement, electronic monitoring, livestock monitoring, and building and access automation. For more information, please visit SuperCom's website, www.supercom.com.

SuperCom Investor Relations:
ir@supercom.com
Kirin Smith
PCG Advisory
ksmith@pcgadvisory.com

View original content:https://www.prnewswire.com/news-releases/supercom-announces-it-has-no-exposure-to-silicon-valley-bank-and-signature-bank-301770290.html

SOURCE SuperCom

FAQ

What did SuperCom announce on March 13, 2023?

SuperCom announced that it has no banking exposure to Silicon Valley Bank or Signature Bank.

Is SuperCom affected by the failure of Silicon Valley Bank?

No, SuperCom has confirmed it has no financial relationship with Silicon Valley Bank.

What is the stock symbol for SuperCom?

The stock symbol for SuperCom is SPCB.

What sectors does SuperCom operate in?

SuperCom operates in the e-Government, IoT, and Cybersecurity sectors.