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Cryptogambling / Silvergate Bank to Layoff 230 Employees in Preparation for NYSE Delisting

Silvergate Bank to Layoff 230 Employees in Preparation for NYSE Delisting

Publish Date: 14/05/2023
Key Points
  • Silvergate delisting process to part with 230 employees.
  • The parent company will not be giving any more updates after the delisting process.
  • Top crypto firms had already severed ties with Silvergate.

Silvergate Capital has revealed that the delisting of its parent company from the New York Stock Exchange is imminent following the collapse of Silvergate Bank.

Alongside this, the company has also confirmed that 230 employees will be laid off as part of cost-cutting measures.

In a filing made to the US Securities and Exchange Commission on May 11, Silvergate Capital stated that it would start the process of “separating” 230 employees on May 12. The Silvergate Capital shares have also stopped trading on the New York Shares Exchange (NYSE), and the delisting procedure will shortly start.

After the layoffs, Silvergate Bank will retain about 80 officials and workers to manage the bank’s liquidation. According to the document, the bank intends to make more personnel reductions on June 30, August 30, and Nov. 30 or later.

According to Silvergate, the cost of personnel reduction will be around $13.6 million. This sum covers the costs of employment placement programs, retention compensation, bonus pay, and severance pay.

Investors Beware: No More Financial Updates from the Company

The Securities and Exchange Commission received a separate filing from Silvergate on May 11 in which it highlighted its inability to meet its legal requirements to publish financial reports for the fiscal year 2022 and the first quarter of 2023. The corporation has also claimed that it doesn’t think it will be able to file any more reports of this nature in the near future.

The company stated that it is facing “challenges” stemming from “ongoing developments” related to regulatory investigations and other pending inquiries, as well as legal liabilities and the process of liquidating the bank.

In order to protect stakeholders’ interests and maintain the company’s worth, Silvergate claims that costs and expenses must be reduced. The company has made the decision to fire some employees as part of this endeavour, even though they are crucial to the preparation of these filings.

What you might have Missed

On March 8, Silvergate Capital published a statement announcing that Silvergate Bank would be voluntarily liquidated. Several cryptocurrency companies, including Gemini, Coinbase, Galaxy Digital, and BitStamp, severed ties with the bank prior to this news.

The Justice Department was looking into the bank at the time because of potential connections to the demise of FTX.

What should you expect?

The parent firm of Silvergate Capital is about to be delisted from the New York Stock Exchange, which will result in the firing of 230 employees and huge ramifications for the cryptocurrency industry. Delisting is a symptom of the company’s financial issues, which are caused by persistent legal issues and regulatory inquiries. Furthermore, the company’s capacity to serve its customers, particularly those in the Bitcoin industry, may be impacted by the loss of 230 personnel.

Investors who depend on these updates to make wise judgments are also concerned that Silvergate Capital will no longer be able to offer financial reports. This lack of openness may have wider ramifications for the cryptocurrency industry as a whole and may reduce investor confidence in the company.

Conclusion

The delisting of Silvergate Capital’s parent company from the New York Stock Exchange and the subsequent layoffs of employees will have significant implications for the cryptocurrency industry. The lack of financial updates and transparency from the company could erode investor confidence, while the layoffs highlight the challenges facing companies in the rapidly-evolving industry.

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