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Crypto friendly bank Silvergate Bank announced that it's unable to file the annual 10-K report for the 2022 fiscal year in a file submitted to the US Securities and Exchange Commission (SEC).
Silvergate said it needs extra time to complete management's evaluation of internal controls over financial reporting, and to allow its independent registered public accounting firm to complete certain audit procedures. "The company is currently analyzing certain regulatory and other inquiries and investigations that are pending with respect to the company. The company's independent registered public accounting firm is also requesting detailed information relating to such matters and the company is responding to such requests." the file said.
Silvergate anticipates that its results of operations for the 2022 fiscal year "will reflect significant changes" from the 2021 fiscal year. "The company is currently in the process of reevaluating its businesses and strategies in light of the business and regulatory challenges it currently faces."
After the announcement, Silvergate's stock price plummeted over 31% in after-hours trading.
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