Silvergate Capital receives non-compliance notice from NYSE

Silvergate Capital announced that on March 17, 2023 it received a letter from the New York Stock Exchange notifying the Company that it is not in compliance with the NYSE’s continued listing standards given the Company failed to timely file its Annual Report on Form 10-K for the year ended December 31, 2022. Although Company management has been working diligently to complete required information for the Form 10-K, and a substantial part of such information has been completed, the Company needs additional time to complete tasks related to its Form 10-K and its independent registered public accounting firm requires more time to obtain further information from the Company and complete certain audit procedures. The NYSE will monitor the status of the Company’s late filing and related public disclosures for up to a six-month period from its due date. If the Company fails to file its delayed filing and has any subsequent delayed filings within six months from the filing due date, the NYSE may, in its sole discretion, allow the Company’s securities to trade for up to an additional six months depending on specific circumstances, as outlined in Section 802.01E of the Listed Company Manual. If the NYSE determines that an additional six-month trading period is not appropriate, suspension and delisting procedures will commence.