Silvergate Capital (SI) to Offer $200M in Common Stock

Silvergate Capital Corporation (NYSE: SI) announced today the launch of an underwritten public offering of $200 million of shares of Class A common stock pursuant to an effective Registration Statement on Form S-3 previously filed with the Securities and Exchange Commission (“SEC”). The Company also expects to grant the underwriters a 30-day option to purchase up to an additional $30 million of shares of Class A common stock.

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 lending product, custody and other digital asset services.

Goldman Sachs & Co. LLC, Keefe, Bruyette & Woods, A Stifel Company, and Canaccord Genuity will act as joint lead book-running managers. Compass Point and Craig-Hallum are also acting as co-managers for the offering.

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