Silvergate Prices Public Offering of Class A Common Stock
07 December 2021 - 2:49PM
Business Wire
Silvergate Capital Corporation (NYSE: SI) (“Silvergate” or the
“Company”) announced today the pricing of an underwritten public
offering of 3,310,344 shares of Class A common stock at a price to
the public of $145.00 per share. The Company also granted the
underwriters a 30-day option to purchase up to an additional
496,551 shares of Class A common stock.
The aggregate gross proceeds of the offering will be
approximately $480.0 million before discounts and expenses.
Assuming full exercise by the underwriters of their option to
purchase additional shares, the aggregate gross proceeds of the
offering would be approximately $552.0 million before discounts and
expenses. The Company intends to use the net proceeds from
the proposed offering to further supplement the regulatory capital
levels of the Company and its wholly-owned subsidiary, Silvergate
Bank (the “Bank”), and for other general corporate purposes, which
may include providing capital to support the Company’s growth
organically or through strategic acquisitions, and other growth
initiatives, including the Bank’s SEN Leverage product, custody and
other digital asset services. The precise amounts and timing of the
application of proceeds will depend on the requirements of the
Company and the Bank. The offering is expected to close on December
9, 2021, subject to customary closing conditions.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and
Keefe, Bruyette & Woods, A Stifel Company are acting as joint
book-running managers for the offering.
Silvergate has filed with the Securities and Exchange Commission
(the “SEC”) a shelf registration statement (including a prospectus)
on Form S-3, as amended by Post-Effective Amendment No. 1 filed on
July 28, 2021, including a base prospectus dated July 28, 2021
(File No. 333-252258), and has filed a preliminary prospectus
supplement, dated December 6, 2021, to which this communication
relates. Before you invest, you should read the preliminary
prospectus supplement and the accompanying prospectus, including
the information incorporated by reference therein, and the other
documents Silvergate has filed with the SEC for more complete
information about Silvergate and the offering. You may get these
documents for free by visiting EDGAR on the SEC website at
www.sec.gov. Copies of the prospectus supplement and the
accompanying prospectus, when available, may be obtained by
contacting Goldman Sachs & Co. LLC, Attn: Prospectus
Department, 200 West Street, New York, New York 10282, telephone:
866-471-2526, facsimile: 212-902-9316, e-mail:
prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, by calling (866) 803-9204 or by emailing
prospectus-eq_fi@jpmchase.com; or Keefe, Bruyette & Woods,
Inc., 787 7th Avenue, 4th Floor, New York, New York 10019, Attn:
Equity Syndicate, by emailing kbwsyndicatedesk@kbw.com, or by
telephone at 1-800-966-1559.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction.
About Silvergate
Silvergate Capital Corporation (NYSE: SI) is the leading
provider of innovative financial infrastructure solutions and
services for the growing digital currency industry. The Company’s
real-time payments platform, known as the Silvergate Exchange
Network, is at the heart of its customer-centric suite of payments,
lending and funding solutions serving an expanding class of digital
currency companies and investors around the world. Silvergate is
enabling the rapid growth of digital currency markets and reshaping
global commerce for a digital currency future.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Securities Exchange Act of 1934, as amended.
These forward-looking statements reflect our current views with
respect to, among other things, future events and our financial
performance. These statements are often, but not always, made
through the use of words or phrases such as “may,” “should,”
“could,” “predict,” “potential,” “believe,” “will likely result,”
“expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,”
“intend,” “plan,” “project,” “projection,” “forecast,” “goal,”
“target,” “would,” “aim” and “outlook,” or the negative version of
those words or other comparable words or phrases of a future or
forward-looking nature. These forward-looking statements are not
historical facts, and are based on current expectations, estimates
and projections about our industry and management’s beliefs and
certain assumptions made by management, many of which, by their
nature, are inherently uncertain and beyond our control. The
inclusion of these forward-looking statements should not be
regarded as a representation by us or any other person that such
expectations, estimates and projections will be achieved. Although
we believe that the expectations reflected in these forward-looking
statements are reasonable as of the date made, such forward-looking
statements are not guarantees of future performance and are subject
to risks, assumptions and uncertainties that are difficult to
predict. For information about other important factors that could
cause actual results to differ materially from those discussed in
the forward-looking statements contained in this release, please
refer to the Company's public reports filed with the SEC. The
Company is not obligated to update and does not undertake to update
any of its forward-looking statements made herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20211206005876/en/
Investor Relations: Hunter Stenback/Ashna Vasa (858)
200-3782 investors@silvergate.com
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