Silvergate warns investors it may not survive the year, shares drop 30%
Silvergate informed investors it won’t file its 2022 fiscal report on time due to last-minute payments that have put its future in jeopardy.
Cryptocurrency news by Protos · Protos
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Show Notes
Struggling Silvergate Capital, owner of crypto-friendly bank Silvergate, has warned investors that it expects to record further losses for 2022 that have significantly impacted its “ability to continue.” Its share price tumbled 30% following the news, from $13.60 to $9.50 at press time.
Silvergate notified the Securities and Exchange Commission on Wednesday that it won’t be able to file its annual 10-K form on time for the fiscal year 2022. It cited the last-minute sale of additional investment securities to repay outstanding loans from the Federal Home Loan Bank of San Francisco as a reason for the delay, along with the sale of additional debt securities in January and February 2023.
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