Hercules Capital said it has ‘ample liquidity’ to support requirements, but stock keeps falling

Hercules Capital Inc.
HTGC,
-11.14%
looked to reassure investors on Monday by saying it was working with bondholders, stakeholders and stockholders to “navigate challenges” created by the decision by regulators to place SIVB Financial Group’s
SIVB,
-60.41%
Silicon Valley Bank in receivership. Shares of the specialty finance company, which provides loans to venture-capital backed startups, dropped 5.5% toward a five-month low in premarket trading Monday, after tumbling 19.5% over the past two sessions as SVB troubles became public. “We believe we have ample liquidity to support our near-term capital requirements,” Hercules said in a statement. “As the venture capital industry continues to assess the impact of the SVB receivership, we will continue to evaluate our overall liquidity position and take proactive steps to maintain the appropriate liquidity position based upon the then current circumstances.” The company said it has set aside $50 million of capital to provide to “select companies” with financing to be able to meet payroll and other obligations as a result of SVB’s closing. The stock has shed 10.6% over the past three months through Friday while the S&P 500
SPX,
-1.45%
has lost 3.9%.