Silvergate stock plunges 31% after delayed filing raises doubts over future

Silvergate Bank has announced that it volition hold the filing of its yearly 10-K report, which has sent its banal terms down implicit 30% aft hours.

A 10-K study is simply a papers required by the Securities and Exchange Commission which provides a broad overview of the company's concern and fiscal condition. The crypto slope stated that it would request an further 2 weeks to implicit the study for the 2022 fiscal year.

Silvergate explained successful its precocious filing announcement that it sold further indebtedness securities successful January and February and expects to grounds further losses successful the coming months.

"These further losses volition negatively interaction the regulatory superior ratios of the Company and the Company's wholly owned subsidiary, Silvergate Bank (the "Bank"), and could effect successful the Company and the Bank being little than well-capitalized," the steadfast stated successful its precocious announcement filing.

"In addition, the Company is evaluating the interaction that these consequent events person connected its quality to proceed arsenic a going interest for the 12 months pursuing the issuance of its fiscal statements," said the institution adding: 

 The Company is presently successful the process of reevaluating its businesses and strategies successful airy of the concern and regulatory challenges it presently faces.

The crypto slope added that they're process of conducting further procedures and providing documentation arsenic requested by its autarkic registered nationalist accounting steadfast to implicit a bid of audits.

This is simply a processing communicative and much accusation volition beryllium added arsenic it becomes available.