UPDATE: Silvergate Capital (SI) Announces Proposed $300M Class A Share Offering

(Updated - March 9, 2021 6:06 AM EST)

Silvergate Capital Corporation (NYSE: SI) announced today that it has filed a prospectus supplement to its existing shelf registration statement on Form S-3 relating to the sale of shares of its Class A common stock having an aggregate value of up to $300,000,000 through an “at-the-market” equity offering program.

This offering program is intended to provide the Company with access to capital from time to time as a part of its ongoing capital management strategy. 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.

The shares will be offered through Goldman Sachs & Co. LLC, Keefe, Bruyette & Woods, Inc., Canaccord Genuity LLC, Compass Point Research & Trading, LLC, Craig-Hallum Capital Group LLC, and Wedbush Securities Inc. as sales agents with respect to the offering. The sales agents may sell shares of the Company’s Class A common stock by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415 of the Securities Act of 1933, as amended, including without limitation sales made directly on the New York Stock Exchange, on any other existing trading market for the Class A common stock or to or through a market maker. In addition, the sales agents may also sell the shares of Class A common stock by any other method permitted by law, including, but not limited to, negotiated transactions. Sales may be made at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices.

Silvergate filed a Registration Statement on Form S-3, which was effective upon filing on January 20, 2021, including a base prospectus dated January 20, 2021, and has filed a prospectus supplement, to which this communication relates. Sales in the at-the-market program, if any, will be made pursuant to the prospectus and prospectus supplement. Before you invest, you should read the prospectus in the Registration Statement, the related prospectus supplement and the other documents Silvergate has filed with the SEC for more complete information about Silvergate and this offering.

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