Why Is Silvergate Capital (SI) Stock Down 46% Today?

  • Silvergate Capital (SI) stock is dropping thanks to a recent filing.
  • The company won’t be able to file its annual report by the prescribed deadline.
  • Silvergate also warned investors about its financial state.
SI Stock - Why Is Silvergate Capital (SI) Stock Down 46% Today?

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Silvergate Capital (NYSE:SI) stock is taking a beating on Thursday after the company warned it would miss filing its annual report by the deadline.

A filing with the U.S. Securities and Exchange Commission (SEC) reveals that Silvergate Capital will be unable to file its annual report for 2022 by March 16, 2023. The company notes that a substantial part of the report is ready but that it still has a few matters to attend to.

According to the SEC filing, Silvergate still needs to handle “analysis, record journal entries related to subsequent events and to complete management’s evaluation of internal controls over financial reporting” before it can file the report.

More Bad News for SI Stock Investors

In that same filing, Silvergate Capital gave investors a warning about its current financial position. That includes growing losses as well as increasing debt. The company says this has left it less than well-capitalized.

Here’s a portion of the statement included in the SEC filing:

“The Company is evaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements. The Company is currently in the process of reevaluating its businesses and strategies in light of the business and regulatory challenges it currently faces.”

SI stock is down 45.6% in pre-market trading today.

Investors will want to stick around for more of the latest stock market news.

We’ve got all the latest happenings traders need to know about on Thursday! A few examples include what has shares of MMTEC (NASDAQ:MTC) and Biophytis (NASDAQ:BPTS) stock rising, as well as the biggest pre-market stock movers this morning. You can read up on all of that news at the following links!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/03/why-is-silvergate-capital-si-stock-down-46-today/.

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