SI Silvergate Capital Corporation

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)

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