Silvergate Launches Public Offering of Class A Common Stock
December 06 2021 - 4:05PM
Business Wire
Silvergate Capital Corporation (NYSE: SI) (“Silvergate” or the
“Company”) announced today the launch of an underwritten public
offering of $400 million of shares of Class A common stock. The
Company also expects to grant the underwriters a 30-day option to
purchase up to an additional $60 million of shares of Class A
common stock.
The Company intends to use the net proceeds from the proposed
offering to further supplement the regulatory capital levels of the
Company and its wholly-owned subsidiary, Silvergate Bank (the
“Bank”), and for other general corporate purposes, which may
include providing capital to support the Company’s growth
organically or through strategic acquisitions, and other growth
initiatives, including the Bank’s SEN Leverage product, custody and
other digital asset services. The precise amounts and timing of the
application of proceeds will depend on the requirements of the
Company and the Bank.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and
Keefe, Bruyette & Woods, A Stifel Company are acting as joint
book-running managers for the offering.
Silvergate has filed with the Securities and Exchange Commission
(the “SEC”) a shelf registration statement (including a prospectus)
on Form S-3, as amended by Post-Effective Amendment No. 1 filed on
July 28, 2021, including a base prospectus dated July 28, 2021
(File No. 333-252258), and will file a preliminary prospectus
supplement, to which this communication relates. Before you invest,
you should read the preliminary prospectus supplement and the
accompanying prospectus, including the information incorporated by
reference therein, and the other documents Silvergate has filed
with the SEC for more complete information about Silvergate and the
offering. You may get these documents for free by visiting EDGAR on
the SEC website at www.sec.gov. Copies of the prospectus supplement
and the accompanying prospectus, when available, may be obtained by
contacting Goldman Sachs & Co. LLC, Attn: Prospectus
Department, 200 West Street, New York, New York 10282, telephone:
866-471-2526, facsimile: 212-902-9316, e-mail:
prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, by calling (866) 803-9204 or by emailing
prospectus-eq_fi@jpmchase.com; or Keefe, Bruyette &Woods, Inc.,
787 7th Avenue, 4th Floor, New York, New York 10019, Attn: Equity
Syndicate, by emailing kbwsyndicatedesk@kbw.com, or by telephone at
1-800-966-1559.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction.
About Silvergate
Silvergate Capital Corporation (NYSE: SI) is the leading
provider of innovative financial infrastructure solutions and
services for the growing digital currency industry. The Company’s
real-time payments platform, known as the Silvergate Exchange
Network, is at the heart of its customer-centric suite of payments,
lending and funding solutions serving an expanding class of digital
currency companies and investors around the world. Silvergate is
enabling the rapid growth of digital currency markets and reshaping
global commerce for a digital currency future.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Securities Exchange Act of 1934, as amended.
These forward-looking statements reflect our current views with
respect to, among other things, future events and our financial
performance. These statements are often, but not always, made
through the use of words or phrases such as “may,” “should,”
“could,” “predict,” “potential,” “believe,” “will likely result,”
“expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,”
“intend,” “plan,” “project,” “projection,” “forecast,” “goal,”
“target,” “would,” “aim” and “outlook,” or the negative version of
those words or other comparable words or phrases of a future or
forward-looking nature. These forward-looking statements are not
historical facts, and are based on current expectations, estimates
and projections about our industry and management’s beliefs and
certain assumptions made by management, many of which, by their
nature, are inherently uncertain and beyond our control. The
inclusion of these forward-looking statements should not be
regarded as a representation by us or any other person that such
expectations, estimates and projections will be achieved. Although
we believe that the expectations reflected in these forward-looking
statements are reasonable as of the date made, such forward-looking
statements are not guarantees of future performance and are subject
to risks, assumptions and uncertainties that are difficult to
predict. For information about other important factors that could
cause actual results to differ materially from those discussed in
the forward-looking statements contained in this release, please
refer to the Company's public reports filed with the SEC. The
Company is not obligated to update and does not undertake to update
any of its forward-looking statements made herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20211206005811/en/
Investor Relations Contact: Hunter Stenback/Ashna Vasa
(858) 200-3782 investors@silvergate.com
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