UNITED STATES
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FORM
CURRENT REPORT
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| Item 7.01. | Regulation FD Disclosure. |
On March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver. Notwithstanding Lipocine Inc.’s (the “Company”) business with SVB as discussed below, the Company believes that the closure of SVB will not have a material impact on its business, liquidity position, or results of operations.
The Company does not have any material cash deposits at SVB. In addition, the Company previously appointed Silicon Valley Bank Asset Management (“SVB Asset Management”) as the Company’s agent to manage the Company’s marketable securities. However, the Company’s marketable securities managed by SVB Asset Management are held in custody accounts at U.S. Bank. The Company is working with U.S. Bank to appoint a new asset manager with respect to the Company’s marketable securities held at U.S. Bank, but the Company does not currently believe that its ability to access its marketable securities as needed will be affected by the closure of SVB.
Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking statements” that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include statements that are not historical facts regarding the Company’s ability to access cash held at SVB and marketable securities held at U.S. Bank that are managed by SVB Asset Management. Investors are cautioned that all such forward-looking statements involve risks and uncertainties, including, without limitation, the risks that we may not be able to access funds and investments that are held at or managed by SVB or SVB Asset Management, and other risks detailed in the Company’s filings with the SEC, including, without limitation, its Form 10-K and other reports on Forms 8-K and 10-Q, all of which can be obtained on the SEC website at www.sec.gov. The Company assumes no obligation to update or revise publicly any forward-looking statements contained in this release, except as required by law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LIPOCINE INC. | ||||
| Date: | March 13, 2023 | By: | /s/ Mahesh V. Patel | |
| Mahesh V. Patel | ||||
| President and Chief Executive Officer | ||||