Sivers Semiconductors heads into its annual general meeting on June 15 with a swirl of controversies that have battered the stock and tested investor confidence. The shares, which plunged nearly 34% in two days last week, clawed back 17% on Monday to trade at €7.83 — still roughly 23% below the year’s high of €10.23 hit just days earlier. But the real reckoning awaits shareholders at the ballot box.
The board is seeking approval to issue up to 53.8 million new shares, representing around 15% dilution. The capital raise is intended to fund organic growth, potential acquisitions, and the company’s audacious plan to secure a dual listing on the Nasdaq in New York. On top of that, a separate employee option programme would add up to 7 million new options, diluting existing holders by another 2%. Switching to PCAOB auditing standards for the Nasdaq listing has already forced restatements of 2024 and 2025 accounts, touching on revenue recognition, inventory valuation and capitalised development costs.
The stock’s recent slide was not a spontaneous event. Swedish television commentator Richard Bråse, portfolio manager at Protean Aktiesparfond Norden, branded the prior rally “completely unserious” and accused management of using hollow press releases to prop up the share price. Around the same time, research firm Ningi published a short-seller report alleging aggressive revenue recognition and questioning the legitimacy of customer contracts. Ningi claims that at least 97 million Swedish kronor — about 31% of Sivers’ reported 2025 revenue — is questionable.
Prosecutor Jonas Myrdal has flagged “suspicious” trading patterns around the Nasdaq announcement, noting that precise details of the listing appeared on the social media platform X a full 48 hours before the official release. Sweden’s Economic Crime Authority is now investigating potential violations of EU market-abuse rules. Meanwhile, short interest has climbed to 6.55% of the free float, with funds including Qube Research & Technologies, Voleon Capital Management and Two Sigma Investments piling on.
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Insider activity adds another layer of unease. Harish Krishnaswamy, head of the wireless division, sold 1.39 million shares on May 29 at SEK 71.36 each, pocketing nearly SEK 99.5 million. The transaction, confirmed in the Swedish insider register, is the latest in a string of sales: over the past three months, Sivers insiders have sold exclusively — not a single purchase has been recorded. In March both Krishnaswamy and board member Tomas Duffy trimmed stakes, albeit in much smaller amounts. The fund Cicero Fonder has also liquidated its entire position.
Management pushes back with a narrative of long-term promise. The order pipeline grew 77% in the first quarter of 2026 to $799 million from the end of 2025. A collaboration with GlobalFoundries to develop silicon photonics solutions for the AI infrastructure market was also announced. The company projects annual revenue growth of 25% to 30% starting in 2027.
The hard numbers tell a different short-term story. First-quarter revenue slid 22% year-on-year to SEK 61.9 million. The operating loss widened to SEK 41.5 million, and operating cash flow stood at negative SEK 49.2 million. Annualised 30-day volatility has surged past 247% and hit as high as 249% in recent days, underscoring the exceptional turbulence. The stock trades roughly 71% above its 50-day moving average despite the recent pullback.
All eyes are now on the June 15 shareholder meeting in Stockholm, where every share carries equal voting rights. Beyond that, the first real test of management’s pipeline promises will come on August 6, when Sivers reports half-year results. For now, the company is caught between a short-seller assault, a criminal investigation, insider cash-outs and a dilutive vote — a combination that leaves little room for error.
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