Silvergate Bank has announced that it will delay filing its annual 10-K report, sending its share price down more than 30% after hours.
A 10-K report is a document required by the Securities and Exchange Commission that provides an overview of the company’s business and financial condition. The crypto bank stated that it would need two more weeks to complete the report for the fiscal year 2022.
Silvergate explained in its late filing notice that it sold additional debt securities in January and February and expects to post further losses in the coming months.
“These additional losses will adversely affect the regulatory capital ratios of the company and its 100% subsidiary, Silvergate Bank (the “Bank”), and could result in the company and the Bank not being well capitalized,” it stated. the company in its late notification.
“In addition, the company is evaluating the impact that these subsequent events have on its ability to continue as a going concern for twelve months after the issuance of its financial statements,” the company added:
“The company is currently reassessing its activities and strategies in light of the business and regulatory challenges it faces.”
The crypto bank added that they are carrying out additional procedures and providing documentation requested by their independent registered public accounting firm to complete a series of audits.
This is a development story and more information will be added as it becomes available.
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