Silvergate Bank delays annual report, share price falls

03/02/2023 22:36 • Crypto & Markets • 71 views

It is reported that Silvergate Bank announced on Wednesday that it would postpone the submission of its annual report, which led to its share price plummeting by more than 10% in after-hours trading. The cryptocurrency friendly bank said that it would have to postpone the submission of the annual 10-K report for fiscal year 2022, and it would take more than two weeks to complete. According to the company’s documents, “the company is currently analyzing some regulatory and other pending inquiries and investigations about the company.” Silvergate’s accounting firm and its independent auditors also requested more information.

Silvergate Bank may face investigations by the US Department of Justice, Congress and bank regulators, resulting in a sharp drop in its shares

Interpretation of the news:

Silvergate Bank, a cryptocurrency-friendly financial institution, has announced that it will postpone the submission of its annual report for fiscal year 2022. The delay is due to ongoing regulatory and other pending inquiries and investigations about the bank. According to reports, this announcement has led to a drop of more than 10% in the share price of the bank during after-hours trading.

The delay in the annual report’s submission is significant as it suggests that there may be some issues that the bank needs to address before it can provide an accurate report. It also may indicate that the bank is under increased regulatory scrutiny, which could have long-term implications for its operations.

The delay in the report’s submission was also initiated by Silvergate Bank’s accounting firm and independent auditors, who requested more information about the company’s financials. It is unclear at this time the specific inquiries and investigations that the bank is currently analyzing or the additional information requested by its auditors. These factors could determine how long the delay in the report’s submission could last.

Despite the delay, the bank has assured its shareholders that it remains fully operational and that all of its banking services and cryptocurrency-related products are still available. However, the market’s reaction to the news suggests that investors and traders are concerned about the bank’s financial health and future prospects.

In conclusion, the delay in the submission of Silvergate Bank’s annual report is a significant development for the cryptocurrency-friendly bank. The pending inquiries and investigations about the company, as well as the requests for more information from auditors, suggest that there may be some underlying issues that the bank needs to address. The drop in share price also emphasizes the potential long-term implications for the bank’s operations and profitability.

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