Silicon Valley Bank shares plunge on stock-sale plan to stem cash burn

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(Reuters) -SVB Financial Group shares plunged more than 62% on Thursday, a day after the lender launched a $1.75 billion share sale to shore up its balance sheet and navigate declining deposits from startups struggling for funds amid increased spending. The shares posted their biggest loss in 25 years as the bank said venture capital funding could remain constrained in the near term, while Chief Executive Greg Becker said cash burn by clients increased in February. Becker has been calling clients to assure them that their money with the bank is safe, according to two people familiar with the m…

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