The decision by FTSE 100-listed building materials group CRH to consider moving its primary listing to New York, covered this morning here, is part of a broader trends, they say.īloomberg reports that City dealmakers are handling frequent inquiries from clients asking how they could shift across the Atlantic. 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”, it adds.Ĭity experts are warning that more London-listed companies are considering a move to the New York stock exchange. These additional losses will negatively impact the regulatory capital ratios of the Company and the Company’s wholly owned subsidiary, Silvergate Bank (the “Bank”), and could result in the Company and the Bank being less than well-capitalized. The Company sold additional debt securities in January and February 2023 and expects to record further losses related to the other-than-temporary impairment on the securities portfolio. That includes the sale of additional investment securities beyond what was previously anticipated, to repay its outstanding advances from the Federal Home Loan Bank of San Francisco. It says that since the end of last year, “a number of circumstances have occurred” which will negatively impact the timing and the unaudited results previously reported in the Earnings Release on 17th January. Its shares have dropped to $7.03 each, down from $13.54 last night.Ĭalifornia based Silvergate has been hit by the collapse of the FTX empire late last year and the tumble in the value of many crypto coins. In a regulatory filing today, Silvergate said it does not expect to file its annual report, or Form 10-K, by the deadline of 16 March. Shares in cryptocurrency-focused lender Silvergate have dropped by nearly 50% at the start of trading in New York, after it warned that it could go out of business.
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