The annual general meeting of Sivers Semiconductors was supposed to be a straightforward affair. Instead, it turned into a governance whirlwind. Three directors resigned just before the vote, a planned Nasdaq listing was pulled from the agenda, and the stock still managed to push toward €9 — extending a rally that has seen the shares multiply more than 30-fold from their March low of €0.27.
Nasdaq Dream Deferred, Dilution Mandate Preserved
Shareholders had been expecting to vote on June 15 on a secondary listing in the United States, a move that would have required issuing 53.8 million new shares — a potential dilution of roughly 15%. That item never reached the floor. Yet the board did not walk away from the capital entirely. The meeting approved a general mandate to issue exactly the same number of new shares, giving management flexibility without an immediate dilutive event.
The timing of the board shake-up added to the drama. Vice-chairman Tomas Duffy, along with founders Erik Fallström and Keith Halsey, stepped down from the board. Bami Bastani remains chairman, while Joakim Nideborn moves into the vice-chair role. Helena Svancar joins as a new member, and incumbents Karin Raj and Todd Thomson were confirmed in their seats.
Compensation and Convertible Debt
The new board comes with a fresh pay structure. The chairman will receive 1,050,000 Swedish kronor annually, the vice-chair 600,000 SEK, and ordinary members 350,000 SEK. An equity-linked incentive program adds 1,000,000 SEK per director, half of which must be held in shares for at least one year.
Shareholders also ratified a convertible loan from Bootstrap Europe 4.0 S.à r.l. worth approximately $327,000. The instrument carries a 10.85% coupon, a conversion price of SEK 4.77, and matures in December 2029. No dividend will be paid for fiscal 2025; Deloitte AB remains the auditor.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Three employee incentive schemes — items 14 through 16 on the original agenda — were withdrawn. The board said it wants the newly constituted body to develop its own proposals, which will be presented at a future meeting.
Red Ink vs. a Ballooning Pipeline
Financially, the company is absorbing some painful revisions. Restating earlier accounts to US GAAP revealed deeper losses than previously reported. The net loss for 2025 swelled to 222.6 million Swedish kronor. First-quarter revenue fell 22%, which management blames on delays in the US defense budget.
But the order book tells a very different story. The pipeline has grown 77% since the start of the year, reaching $799 million, driven by photonics and radio-frequency technology. A new alliance with GlobalFoundries is integrating Sivers’ laser arrays into the chip giant’s platform, targeting the fast-expanding AI infrastructure market.
Technicals in Overdrive
The stock has largely shrugged off the governance turmoil. On Tuesday it climbed 6.45% to €8.83, bringing the 30-day gain to well over 100%. That leaves the shares about 14% below the 52-week high of €10.23 hit in early June. The relative strength index sits at 62.6 — elevated but not yet flashing overbought. With annualized volatility north of 240%, the ride remains exceptionally choppy.
Investors will get the next fundamental check on August 6, when Sivers reports second-quarter results. Until then, the market appears content to focus on the $799 million pipeline story rather than the boardroom shake-up or the deferred US listing.
Ad
Sivers Semiconductors Stock: Buy or Sell?! New Sivers Semiconductors Analysis from June 16 delivers the answer:
The latest Sivers Semiconductors figures speak for themselves: Urgent action needed for Sivers Semiconductors investors. Is it worth buying or should you sell? Find out what to do now in the current free analysis from June 16.
Sivers Semiconductors: Buy or sell? Read more here...
