Silvergate Suspended by NYSE, Job Cuts Announced
May 11 2023 - 2:40PM
Dow Jones News
By Josh Beckerman
Shares of Silvergate Capital are being suspended on the New York
Stock Exchange, which halted their trading on Wednesday.
The New York Stock Exchange on Thursday announced delisting
proceedings for Silvergate shares, citing delayed financial
reports.
Silvergate, which said in March that it would wind down after it
was hurt by the crypto industry's downturn, is also cutting about
230 jobs, effective Friday.
The Silvergate Bank parent said in a securities filing that the
roughly 80 officers and employees remaining at the company would
focus on implementing the bank's liquidation, preserving the
residual value of assets, and addressing inquiries and
investigations.
On March 9, the day after Silvergate Capital said it was winding
down, shares fell 42% to $2.84. According to FactSet, the stock's
closed Wednesday at $1.25.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
May 11, 2023 14:25 ET (18:25 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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