: NYSE has told Silvergate it is not in compliance with listing rules, following delay of annual report filing

Silvergate Capital Corp. SI on Monday said it had received a letter from the New York Stock Exchange notifying the company that it had breached the exchange’s listing standards after the bank failed to file its 2022 annual report in a timely manner. The company, the parent of the crypto-friendly Silvergate Bank, said it received the letter on March 17, not long after it said it intended to wind down operations and liquidate the bank. The company on Monday said it needed more time to complete tasks related to filing the report — a 10-K form. If Silvergate fails to file the late report and has any other delayed filings within six months of the due date, the exchange “may, in its sole discretion, allow the Company’s securities to trade for up to an additional six months depending on specific circumstances.” If the exchange decides that six-month window isn’t appropriate, “suspension and delisting procedures will commence,” Silvergate said. Shares fell 1.8% after hours.

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