Coinbase drops Silvergate after they delay annual SEC filing, SI stock plunges 50% Cryptocurrencies
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In a ‘Notification of Late Filing’ submitted to the SEC, the company laid out the reasons for the delay, writing that their financial situation has deteriorated beyond the $948.7 million in losses for 2022 which they revealed in their January 17 preliminary report.
“In addition, the Company is evaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements,” they wrote. “The Company is currently in the process of reevaluating its businesses and strategies in light of the business and regulatory challenges it currently faces.”
The stock hit a low of $6.87 shortly after the Thursday open, representing a nearly 50% loss in value, before recovering somewhat, and is currently at $7.52 at the time of writing, down 44% on the day.
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Coinbase cuts ties with Silvergate as bank delays annual report filingCoinbase, a leading U.S.-based crypto exchange, announced it would drop its alliance with Silvergate, a crypto-focused bank. This makes matters worse for the bank, which saw its value plunge in after-hours trading yesterday. The bank announced that it would be delaying its annual report filing in its SEC report yesterday. In a Twitter thread, Coinbase […]
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