Silvergate Announces Closing of Public Offering of Class A Common Stock
December 09 2021 - 4:15PM
Business Wire
Silvergate Capital Corporation (NYSE: SI) (“Silvergate” or the
“Company”) announced today that it has completed its underwritten
public offering of 3,806,895 shares of Class A common stock at a
price of $145.00 per share, before underwriting discounts,
including 496,551 additional shares of Class A common stock upon
the exercise in full by the underwriters of their option to
purchase additional shares.
The aggregate gross proceeds of the offering were approximately
$552.0 million before discounts and expenses. 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 acted as joint
book-running managers. Compass Point, Craig-Hallum and Wedbush
Securities acted as co-managers for the offering. Silvergate was
represented by Holland & Knight LLP. The underwriters were
represented by Davis Polk & Wardwell LLP.
This press release shall not constitute an offer to sell or the
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 any such state or
jurisdiction. The offering was made by means of an effective shelf
registration statement, including a preliminary prospectus
supplement and final prospectus supplement, copies of which 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.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211209006006/en/
Investor Relations: Hunter Stenback/Ashna Vasa (858)
200-3782 investors@silvergate.com
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