Holland & Knight Advises Silvergate Capital on $552 Million Public Offering
WASHINGTON (December 9, 2021) – Holland & Knight advised Silvergate Capital Corporation (NYSE: SI) on its underwritten public offering of 3,806,895 shares of Class A common stock at a price of $145 per share, before underwriting discounts, including 496,551 additional shares of Class A common stock upon the exercise in full by the underwriters of their option to purchase additional shares. The offering, which was completed on Dec. 9, generated gross proceeds of $552 million.
Based in La Jolla, California, Silvergate is the leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry. The company intends to use the net proceeds from the offering to further supplement its regulatory capital levels and that of its wholly-owned subsidiary, Silvergate Bank, and for other general corporate purposes including growth initiatives.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Keefe, Bruyette & Woods, A Stifel Company acted as joint book-running managers for the offering. Compass Point, Craig-Hallum and Wedbush Securities acted as co-managers for the offering.
This latest transaction is Silvergate's fourth public offering in 2021 resulting in aggregate proceeds of approximately $1.3 billion.
Holland & Knight Partners Kevin Houlihan, William Levay and Mark Goldschmidt, along with Associates Amelia Occhino, Mary Ellen Stanley and Ross Tuminello, led the firm’s representation of Silvergate in the transaction.
More information about the transaction can be found here.