Silvergate Capital Corporation, the parent company of Silvergate Bank, delayed its annual 10-K report filing with the U.S. Securities and Exchange Commission on Wednesday, telling the agency it “needs additional time” to allow an independent accounting firm to complete certain audit procedures. In the filing, Silvergate also cited “a number of circumstances” that will “negatively impact” the timing of the 10-K report. These include the sale of additional investment securities “beyond what was previously anticipated and disclosed in the company’s earnings release,” as well as the sale of additional debt securities in January and February 2023, from which Silvergate “expects to record further losses.” According to Silvergate, “these additional losses will negatively impact the regulatory capital ratios of the Company and the Company’s wholly owned subsidiary, Silvergate Bank […] and could result in the Company and the Bank being less than well-capitalized.” Silvergate’s stock (SI) was trading at $13.53 at the closing bell Wednesday, but plunged as much as 31.7% on the tail of the news in after-hours trading, dipping well below $10.
Full story : Silvergate Stock Plunges 31% as Crypto Bank Delays SEC Financial Report.
