SVB stock halted as Silicon Valley Bank capital raise reportedly fails, buyer sought
By David Hollerith, Yahoo Finance
Shares of SVB Financial (SIVB), parent company of troubled lender Silicon Valley Bank, were halted early Friday amid reports the company’s efforts to raise capital had failed with the company now seeking a buyer. Concerns about the banking industry spread as shares of several other regional banks were also halted as their shares plunged.
SVB stock plummeted 68% during Friday’s premarket trading session before the halt after dropping more than 60% through Thursday, closing at $106 per share.
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