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Cardlytics Announces Partial Drawdown of Line of Credit in Response to Uncertainty in the Financial Sector
ATLANTA, March 14, 2023 (GLOBE NEWSWIRE) -- Cardlytics (NASDAQ: CDLX), an advertising platform in banks’ digital channels, announced today that the company
About this update from Cardlytics, Inc. Common Stock
[{"type":"text","content":"ATLANTA, March 14, 2023 (GLOBE NEWSWIRE) -- Cardlytics (NASDAQ: CDLX), an advertising platform in banks’ digital channels, announced today that the company borrowed $30.0 million under its available $60.0 million line of credit with Pacific Western Bank. “While we are confident in meeting our liquidity and profitability goals, proactively drawing down on our line of credit is prudent given recent uncertainty in the financial sector,” said Karim Temsamani, Chief Executive Officer. “Additionally, we are utilizing a multi-bank deposit program that allows us to minimize our exposure to any single financial institution and maximize our FDIC insurance. Our strategy remains unchanged, and these are just two of the many ways we are positioning the company for long-term growth and profitability.” For additional information on the terms and conditions of the line of credit with Pacific Western Bank, see Cardlytics’ Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on March 1, 2023. About Cardlytics Cardlytics (NASDAQ: CDLX) is a digital advertising platform. We partner with financial institutions to run their banking rewards programs that promote customer loyalty and deepen banking relationships. In turn, we have a secure view into where and when consumers are spending their money. We use these insights to help marketers identify, reach, and influence likely buyers at scale, as well as measure the true sales impact of marketing campaigns. Headquartered in Atlanta, Cardlytics has offices in Palo Alto, New York, Los Angeles, and London. Learn more at www.cardlytics.com. Cautionary Language Concerning Forward-Looking Statements This press release contains \"forward-looking statements\" within the meaning of the \"safe harbor\" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our ability to achieve liquidity, long-term growth and profitability. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as \"expect,\" \"anticipate,\" \"should,\" \"believe,\" \"hope,\" \"target,\" \"project,\" \"goals,\" \"estimate,\" \"potential,\" \"predict,\" \"may,\" \"will,\" \"might,...