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.
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