The past seven days have been a masterclass in volatility for Sivers Semiconductors. The stock rocketed to a 52-week high of €10.23 on Wednesday, only to plunge as much as 34% by Friday’s close. It steadied at €8.38, still up 9.12% on the day and 25% for the week, but the ride has left investors dizzy. Behind the swings lies a collision of forces: a short-squeeze, a damning short-seller report, an insider-trading investigation, and a shareholder vote on Monday that could determine the company’s trajectory for months.
The sell-off was triggered by a report from Ningi Research, a short-seller that accused the Swedish chip developer of aggressive revenue recognition. According to Ningi, questionable sales may account for roughly 31% of 2025 revenue. The attack landed alongside a probe by Swedish financial police into possible insider leaks ahead of the planned Nasdaq listing. Adding to the unease, Harish Krishnaswamy, head of Sivers Wireless, sold his entire stake — about 1.39 million shares — for nearly 100 million Swedish kronor in late May. Three board members have also resigned, including vice-chair Tomas Duffy and founding investors Erik Fallström and Keith Halsey.
The short-seller assault inadvertently sparked a squeeze. Short interest stood at 17% of free float, and Nordea, the prime broker, raised margin requirements on short products to as high as 228.5% as the securities lending market dried up. That forced many bears to cover, sending the stock briefly into orbit. The annualized 30-day volatility now sits at a staggering 242%. With the short positions largely unwound, the technical tailwind has faded.
Amid the turmoil, the business has delivered tangible news. Earlier this month, Sivers announced a production order worth $8.2 million from ALL.SPACE for Ka-band beamforming chips used in satellite terminals for military and civilian applications. Deliveries run through 2027. The company also deepened its push into AI photonics with a partnership at GlobalFoundries, integrating its laser arrays into the US giant’s silicon-photonics platform for co-packaged optics in data centres. The opportunity pipeline has grown 77% this year to $799 million.
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Yet the financial picture remains mixed. First-quarter revenue slid 22% year-on-year, and the operating loss widened to 41.5 million Swedish kronor. The company’s shift to PCAOB accounting standards for its Nasdaq application revealed deeper historical losses, though it cleared the path for the listing bid.
Monday’s extraordinary general meeting in Stockholm will be pivotal. Shareholders will vote on a dual listing on the Nasdaq in New York, a capital increase of up to 53.8 million new shares — representing roughly 15% dilution — and a stock option plan for 7 million shares. A retroactive credit facility of $12 million also requires approval. The fresh funds are earmarked for organic growth in AI and photonics, potential acquisitions, and the costs of the US listing itself.
If the proposals pass, Sivers gains access to deeper US capital markets and a pathway to accelerate its growth. If they fail, the expansion plans could stall. With the stock now trading 83% above its 50-day moving average of €4.57, and the short-squeeze fire already burned out, Monday’s outcome will set the tone for the weeks ahead — and test whether the company can turn turmoil into momentum.
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