Trading in shares of Silicon Valley Bank were halted as markets opened on Wall Street today as investors reeled at reports tech firms were scrambling to remove funds from the company.
The California-based bank yesterday said it was selling down securities to meet withdrawals and launched a $2.25 billion stock and convertible bond offering to shore up its balance sheet. The announcement sent its stock tumbling 60% last night. Its shares were down a further 63% in pre-market trading.
