Silvergate Capital emerges from bankruptcy with new board

Silvergate Capital Corporation, whose common stock trades on OTC Markets under the ticker SICP, published a letter to shareholders from its new board of directors outlining key developments since the company's last public update in July 2024.

Silvergate filed for Chapter 11 bankruptcy on September 17, 2024, initially proposing to dissolve the company and cancel its common stock with no recovery for common shareholders. A settlement reached on May 13, 2025, with its two largest common stockholders, the Stilwell Group and Exploration Capital, preserved the common stock and allowed those investors to select new directors and officers upon emergence from bankruptcy.

The bankruptcy court confirmed Silvergate's Chapter 11 plan on November 13, 2025, and the company formally emerged from bankruptcy on March 31, 2026. A new board was appointed, consisting of Daniel Unkovic as Executive Chairman, Stephen Gustin as CEO, and directors R. Adam Lindsay, Ryan Levenson, and Terence Kavanagh. The CEO's cash salary is $1 per year, and directors receive no cash compensation.

On August 5, 2026, Stilwell and Exploration Capital each invested $1.5 million, purchasing 2.5 million shares each of Class A common stock at $0.60 per share, generating $3.0 million in gross proceeds. The company currently has 37,230,442 shares of Class A common stock outstanding.

Silvergate emerged from bankruptcy with a $1.6 billion federal net operating loss, a $1.2 billion California net operating loss, $1.6 million in cash, the Silvergate Exchange Network and Diem assets, potential legal claims against governmental and regulatory authorities, and a secondary beneficial interest in the Argent Liquidation Trust. The company assumed no liabilities under the plan.

On August 18, 2026, Silvergate's stock was uplisted from OTC Markets' "Expert Market" to the "Pink Limited Market," broadening investor access. The company stated it is no longer an SEC reporting company but plans to publish updates on its website and OTC Markets page.

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