The share count at Sivers Semiconductors has ballooned by more than 35 million in just three trading sessions, handing existing shareholders a 6.4% dilution hit even as the stock rocketed 18.34% to €5.20 on Friday. The jump, eye-catching on its own, masks a deeper story of financial restructuring, leadership turmoil, and a Nasdaq listing that has been shelved indefinitely.
The dilution came from two separate capital measures executed in rapid succession. On July 1, the Swedish photonics and RF chip developer completed a directed share issuance, placing 12,280,701 new shares at SEK 57 apiece to raise roughly SEK 700 million. The price represented a 9.7% discount to the prior day’s close. The company said the offering was several times oversubscribed, drawing interest from both Swedish and international institutional investors, new and existing.
Two days later, credit provider Bootstrap Europe exercised its conversion right on a $12 million loan, prompting the board to approve the issuance of 22,847,044 new common shares. The loan originated from a February 2026 refinancing that consolidated all external credit lines and included a $17 million credit facility with a $12 million secured convertible note, convertible at SEK 4.77 per share. The conversion was settled by offsetting Bootstrap’s claim against the new shares.
The combined capital injections lifted the total number of outstanding shares from 319,953,572 at the end of June to 355,081,317. The Bootstrap conversion alone accounted for a 6.4% dilution. To accommodate the directed issuance, Sivers had to secure a waiver from Pareto Securities, which had imposed a 180-day lock-up on further equity issues under an agreement from April 2026. In exchange, the company agreed to a new 120-day lock-up period after the placement closed.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Sivers’ stock has been on a wild ride. Despite Friday’s rally, the shares still sit nearly half their 52-week high of €10.23 reached on June 3. On a weekly basis they are down 11.86%, and over the past 30 days they have lost 37.72%. The annualized 30-day volatility stands at over 213%, underscoring the speculative nature of the name. The current price is 15.58% below the 50-day moving average of €6.16.
The company’s operational narrative remains challenged by factors outside its control. An order pipeline that CEO Vickram Vathulya described as robust — focused on AI, satellite communications, and defense — has been slow to convert into revenue, partly due to delayed U.S. defense budgets. But it is the turmoil at the top that has rattled investors most. Plans for a secondary listing on the Nasdaq were abruptly pulled from the mid-June annual general meeting agenda, sparing shareholders an additional dilution of roughly 15% but leaving the strategic direction uncertain. Founders and the vice chairman of the supervisory board have since stepped down, and Swedish authorities are investigating possible insider trading around the Nasdaq plans. A short seller has also publicly questioned the company’s reported revenues.
CEO Vathulya framed the strong demand for the placement as a vote of confidence in Sivers’ technology and end markets. For now, key insiders — including the CEO, CFO, and three board members — remain bound by lock-up agreements that prevent them from selling shares until July 16. No new lock-ups were imposed in connection with the recent transactions.
The next significant catalyst for the stock will be the second-quarter earnings report, due in August. Until then, every corporate announcement is likely to trigger outsized moves in a name already trading at extreme volatility. The freshly padded balance sheet may buy time, but it cannot quiet the noise around the boardroom or the regulators.
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