Silvergate Capital slumps on offering of $400M of Class A common share

• Silvergate Capital (NYSE:SI) has announced an underwritten public offering of $400M of its Class A common stock.
• Terms of the offering are yet to be determined.
• Underwriters may be granted a 30-day option to purchase up to an additional $60M of shares of Class A common stock.
• Shares are down 7.93% after-hours following the news
• Net proceeds from the proposed offering will be used to further supplement the regulatory capital levels of the company and its wholly-owned subsidiary, Silvergate Bank, and for other general corporate purposes.
• Read a recent bullish analysis on SI