: Silvergate shares tumble 30% after crypto-friendly lender delays filing annual report


Crypto-friendly lender Silvergate Capital Corp. [s: SI] saw its shares plunge more than 30% in after-hour trading Wednesday, after the lender said it would not be filing its audited 2022 annual report on time. A series of events have left it at risk of “being less than well-capitalized,” and the company is evaluating those events’ impact on its ability to continue as a going concern, Silvergate said in a regulatory filing Wednesday. “The Company is currently analyzing certain regulatory and other inquiries and investigations that are pending with respect to the Company,” it added. Silvergate reported an unaudited net loss of $948.7 million for the year of 2022. Silvergate does not expect to file its audited annual report by the extension date of March 16, it said. A spokesperson at Silvergate didn’t immediately respond to a call seeking comment.

This article was originally published by Marketwatch.com. Read the original article here.

Previous article: Tesla’s stock falls 5% as Elon Musk’s ‘Master Plan 3’ is short on details about both cars and finances
Next article: Lawmakers consider plan to raise Social Security’s full retirement age to 70


Please enter your comment!
Please enter your name here