Silvergate Capital Corp (NYSE:SI) shares are falling in Wednesday's after-hours session after the company delayed the filing of its annual report with the U.S. Securities and Exchange Commission.

What Happened: Silvergate said it's unable to file its Form 10-K for the fiscal year ended Dec. 31, 2022 because it requires additional time to perform analysis, record journal entries related to subsequent events and to complete management’s evaluation of internal controls over financial reporting. 

Additionally, Silvergate said it needs time to allow its independent registered public accounting firm to complete certain audit procedures.

"The Company is currently analyzing certain regulatory and other inquiries and investigations that are pending," the regulatory filing states.

Silvergate said it's working diligently to file as soon as possible, but does not expect to be in a position to file by the extension date of March 16.

Silvergate is a provider of various financial infrastructure solutions and services. Its customers include U.S. exchanges and global investors in the digital currency industry.

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SI Price Action: Silvergate shares are down 24.3% after hours at $10.25 at time of publication, according to Benzinga Pro.

Photo: Petre Barlea from Pixabay.