Sivers Semiconductors arrived at its annual general meeting on Monday carrying the momentum of a blistering short-squeeze rally — the stock had surged 68% in 30 days to close at €8.38 on Friday. Yet within hours of the shareholder gathering, the narrative flipped. The shares plunged more than 5% to €7.94 as a cascade of investigations, board departures, and contested accounting allegations turned what should have been a celebration of a Nasdaq listing vote into a crisis session.
Management had already removed a key item from the day’s agenda: a proposed employee stock-option plan covering up to seven million shares. The newly elected supervisory board will review the scheme before any vote can take place. That left the centrepiece of the meeting — a dual listing on the Nasdaq New York — as the single most consequential decision for investors. To fund the move, the company is asking shareholders to approve the issuance of up to 53.8 million new shares, a dilution of roughly 15%. The capital would be directed toward artificial-intelligence growth and acquisitions.
The timing of the Nasdaq ambition could hardly be more fraught. Sweden’s Economic Crime Authority is actively investigating suspected insider trading after details of the US listing plan surfaced on an unidentified social-media account roughly 48 hours before the official announcement in April. Trading volumes shot up in that window, and prosecutor Jonas Myrdal described the pattern as “conspicuous.” Two American law firms — Rosen Law Firm and Bronstein, Gewirtz & Grossman — are examining potential securities-law violations, though no formal lawsuits have been filed.
The boardroom has already felt the fallout. Three directors resigned ahead of the AGM: vice-chair Tomas Duffy, along with founding investors Erik Fallström and Keith Halsey. The company has nominated Joakim Nideborn for investor relations and Helena Svancar, a veteran with two decades of M&A experience, as replacements. Added to the exodus, Harish Krishnaswamy, head of the mobile-phone chip division, sold his entire stake in late May, pocketing roughly 100 million Swedish kronor.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Short-seller Ningi Research added to the pressure earlier this month, attacking the company’s revenue recognition. The research house questioned about 31% of the revenue Sivers reported for 2025, alleging that research grants had been booked as commercial income. Sivers has not publicly responded.
Operationally, the company does have bright spots. Its opportunity pipeline has swelled 77% since the start of the year to $799 million. In early June, Sivers secured a production order worth $8.2 million from British satellite-communications firm ALL.SPACE for Ka-band beamforming chips, with deliveries scheduled through 2027 — the first meaningful step into series production. A partnership with GlobalFoundries aims to integrate Sivers’ laser arrays into a silicon-photonics platform for AI chips, a market management estimates at $25 billion by 2030. First material revenues from that collaboration are expected toward the end of 2026.
The financial fundamentals, however, tell a different story. Adjusting its accounts to US PCAOB standards for the Nasdaq listing revealed a deeper net loss of 222.6 million kronor for the last fiscal year. First-quarter revenue for 2026 came in at 61.9 million kronor, down 22% year over year, hit by delays in the US defence budget and unfavourable foreign-exchange rates. The company’s next interim report, due on 6 August, will test whether management can deliver hard numbers to counter the short-seller’s claims.
The recent rally was largely fuelled by a short squeeze. Nordea had raised margin requirements for short products on Sivers to as high as 228.5%, forcing bears to cover their positions. Short interest had peaked at around 17% of free float in March. That squeeze has now mostly dissipated, leaving the stock vulnerable to the outcome of today’s vote. If shareholders reject the Nasdaq listing, the stock loses its most powerful catalyst. Approval, by contrast, would open the door to a much larger investor base in the US — and a chance to prove that the $799 million pipeline is more than a promise.
Ad
Sivers Semiconductors Stock: Buy or Sell?! New Sivers Semiconductors Analysis from June 15 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 15.
Sivers Semiconductors: Buy or sell? Read more here...
