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Silvergate Capital Corp SI shares are crashing in Wednesday’s after-hours session after the company announced it will wind down operations and voluntarily liquidate Silvergate Bank.
“In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward,” Silvergate said in a release.
What To Know: The liquidation plan includes full repayment of all deposits. Silvergate said it’s also considering how best to resolve claims and preserve the residual value of its assets.
In addition, the bank decided to discontinue the Silvergate Exchange Network, which was just announced on March 3.
The news comes about a week after the crypto-related bank delayed the filing of its annual report with the SEC due to requiring additional time to perform analysis, record journal entries related to recent events and to complete management’s evaluation of internal controls over financial reporting.
“The Company is currently analyzing certain regulatory and other inquiries and investigations that are pending,” a regulatory filing from March 1 stated.
Silvergate is a provider of various financial infrastructure solutions and services. Its customers include U.S. exchanges and global investors in the digital currency industry.
See Also: What’s Driving Uber Stock Higher After Hours?
SI Price Action: Silvergate shares were down 35.3% after hours at $3.12 at the time of writing, according to Benzinga Pro.
Photo: Petre Barlea from Pixabay.
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Image and article originally from www.benzinga.com. Read the original article here.