Item 7.01 Regulation FD Disclosure.
On March 10, 2023, the Federal Deposit Insurance Corporation ("FDIC") issued a
press release stating that Silicon Valley Bank, Santa Clara, California, ("SVB")
was closed by the California Department of Financial Protection and Innovation,
which appointed the FDIC as receiver. According to the FDIC press release, the
FDIC, as receiver, will retain all the assets from SVB for later disposition.
On March 12, 2023, the FDIC, in a joint statement with the Department of
Treasury and the Federal Reserve, announced actions enabling the FDIC to
complete its resolution of SVB, in a manner that fully protects all depositors.
It stated that depositors will have access to all of their money starting
Monday, March 13.
As of March 9, 2023, ZoomInfo Technologies Inc. ( the "Company") had
approximately $20 million, or 3%, of its total cash, cash equivalents, and short
term investments in deposit accounts with SVB, and approximately $264 million,
or 42% of its total cash, cash equivalents, and short term investments in money
market securities for which SVB acts as custodian. The Company also had accounts
with SVB totaling approximately $6 million pursuant to letters of credit that
the company was required to provide its landlord in connection with the
execution of leases for office space, which amount is classified as restricted
cash, non-current on the Company's balance sheet.
Regardless of access to those deposits and money market securities, at this
time, the Company has sufficient liquidity and alternative banking relationships
to meet its obligations.
The information contained within Item 7.01 of this Current Report is being
furnished and shall not be deemed "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise
subject to the liabilities of that Section, and shall not be incorporated by
reference into any registration statement or other document pursuant to the
Securities Act of 1933, as amended, or the Exchange Act, except as otherwise
expressly stated in such filing.
Forward-Looking Statements
This Current Report on Form 8-K contains "forward-looking" statements that are
based on the Company's beliefs and assumptions and on information currently
available to the Company on the date of this Current Report on Form 8-K.
Forward-looking statements include all statements that are not historical facts
and can be identified by terms such as "anticipate," "believe," "continue,"
"could," "design," "estimate," "expect," "may," "seek," "should," "will,"
"would" or similar expressions and the negatives of those terms. Forward-looking
statements may involve known and unknown risks, uncertainties and other factors
that may cause the Company's actual results, performance or achievements to be
materially different from those expressed or implied by the forward-looking
statements. These statements include, but are not limited to, the sufficiency of
our liquidity to meet our obligations. Except as required by law, the Company
assumes no obligation to update these forward-looking statements publicly, or to
update the reasons actual results could differ materially from those anticipated
in the forward-looking statements, even if new information becomes available in
the future. Further information on factors that could cause the Company's actual
results to differ materially from the results anticipated by the Company's
forward-looking statements is included in the reports the Company has filed with
the U.S. Securities and Exchange Commission, including the Company's Annual
Report on Form 10-K for the year ended December 31, 2022. All information
provided in this Current Report on Form 8-K is as of March 10, 2023, and the
Company undertakes no duty to update this information unless required by law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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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.
ZoomInfo Technologies Inc.
Date: March 13, 2023
By: /s/ P. Cameron Hyzer
Name: P. Cameron Hyzer
Title: Chief Financial Officer
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