SVB Financial Group Crashed Over 60% Before Halting the Morning Trading As Attempts to Raise Capital Failed

Tiger Newspress2023-03-10

Attempts by SVB Financial Group to raise capital have failed, the sources said, and the bank has hired advisors to explore a potential sale. Large financial institutions are looking at a potential purchase of SVB.

Shares of the bank fell 60% on Thursday after SVB announced a plan Wednesday evening to raise more than $2 billion in capital. The stock fell another 60% in premarket trading Friday.

Under the terms of a plan released Wednesday, SVB was looking to sell $1.25 billion in common stock and another $500 million of convertible preferred shares.

SVB also announced a deal with investment firm General Atlantic to sell $500 million of common stock, though that agreement was contingent on the closing of the other common stock offering, according to a securities filing.

Stocks crashed over 60% in morning trading and tumbled nearly 85% in 2 days.

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Comments

Seah CL
2023-03-12
Seah CL
K
BKT
2023-03-11
BKT
Pls like thanks
Humama888
2023-03-11
Humama888
Oh no! Although I don't have any of this stock
- tungngie:
  but it is a oh no.. affecting other bank stocks as investors panic..
YTigger
2023-03-11
YTigger
K
BKT
2023-03-10
BKT
Pls like thanks
- leemoney:
  k
K20
2023-03-10
K20
Gg

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Although I don't have any of this stock","listText":"Oh no! Although I don't have any of this stock","text":"Oh no! 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