Sivers Semiconductors has clawed back some ground after a brutal month, with shares rallying 6% to €3.82 by Thursday midday. The bounce follows the company’s announcement that it is delaying its half-year report to August 27 as it restructures its financial reporting to meet US standards – a prerequisite for a planned secondary listing on the Nasdaq in early 2027.
The Swedish chipmaker, which specialises in high-precision lasers for AI data centres, is positioning the move as a strategic pivot. “We need absolute transparency to attract institutional capital in the US,” CEO Vickram Vathulya said, explaining that the extra time is being used to bring internal control processes up to the level required by American regulators. A third-quarter update is now slated for late November, with full-year results due at the end of February.
The market’s warm reception to the news stands in stark contrast to the recent sell-off. Over the past 30 trading days, Sivers has shed nearly 48% of its value, tumbling from a June high of over €10 to just €3.61 by Wednesday’s close – a level that left the relative strength index deep in oversold territory. The extreme annualised volatility of around 219% has underscored the panic among sellers, driven in large part by a series of dilutive capital moves.
In early July, Sivers placed roughly 12.3 million new shares through Pareto Securities at a price below the prevailing market rate. That followed the conversion of a loan from bootstrap Europe into nearly 23 million new shares, swelling the total outstanding count from 332 million to 355 million. The company insists the moves were necessary to fund a major production capacity expansion and AI research, and points to strong institutional demand as validation.
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Adding to the near-term uncertainty, a contractual lock-up on insider share sales expires on July 16. The restriction, tied to a capital raising earlier this year, has kept the board and management from offloading stock since the spring. Investors are now bracing for potential selling pressure from executives when the moratorium lifts.
Operationally, Sivers is navigating headwinds. First-quarter revenue came in at 61.9 million Swedish kronor, with management citing delays in the US defence budget approval for the shortfall. Those revenues are expected to shift into the second half of the year. Meanwhile, the company recently raised around 700 million kronor to ramp up its photonics production, betting that its laser components will become critical building blocks for next-generation AI infrastructure.
With the Nasdaq listing still more than two years away, the immediate focus is on the August 27 interim report. If Sivers can demonstrate clean accounts aligned with US GAAP, the path to Wall Street will look significantly more credible. In the meantime, all eyes are on July 16 – and whether the company’s insiders will hold the line or add to the selling pressure.
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