The numbers tell a story of defiance. Sivers Semiconductors shares have soared nearly 79% over the past 30 days, hitting €8.80 and shrugging off a wave of internal chaos that would have crushed a lesser stock. An extreme volatility reading above 235% underscores just how nervous the market is — yet buyers keep piling in, betting that the company’s operational prospects outweigh a deepening governance crisis.
That crisis culminated at the annual general meeting on 15 June in Stockholm, where the boardroom was torn down and rebuilt. Founder Erik Fallström, co-founder Keith Halsey, and former vice-chairman Tomas Duffy all stepped down just before the meeting, clearing the way for a newly constituted board. The departure came amid reports that Swedish prosecutors have launched an insider-trading investigation. An anonymous X account allegedly leaked precise details about a planned US dual listing before any official announcement, prompting both the Economic Crime Authority and the financial regulator to step in. No violations have been confirmed so far.
The new five-member board is led by chairman Bami Bastani, who retains his role, alongside Karin Raj, Todd Thomson, and newly elected members Joakim Nideborn as deputy chairman and Helena Svancar. Their compensation has been restructured to align with shareholder interests: the chairman receives 1,050,000 SEK annually, the deputy 600,000 SEK, and each other member 350,000 SEK — with a mandatory portion invested in Sivers shares and locked up for a year. A separate employee incentive program was postponed for reworking.
The most eye-catching item on the AGM agenda — the proposed Nasdaq listing — was pulled at the last minute. The listing would have required up to 53.8 million new shares, representing roughly 15% dilution. That authorization was nevertheless approved, giving the board flexibility to issue shares for cash, contributions in kind, or debt conversion. An American listing remains on the table, just not now.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Financial disclosures have added another layer of complexity. To comply with the stricter US accounting standards required for a Nasdaq listing, Sivers restated its 2025 net loss to 222.6 million SEK, up sharply from the earlier 186.5 million SEK. The 2024 results were also revised lower as the company deferred revenue to later periods and wrote off capitalized development costs. Meanwhile, first-quarter revenue came in at 61.9 million SEK, a 31% year-on-year drop, though the net loss narrowed 12% to 42.7 million SEK.
The operational picture is far brighter. The sales pipeline has swelled 77% since the start of the year, now standing at 799 million USD. A recent production order from ALL.SPACE worth 8.2 million USD will keep Sivers’ specialized microchip manufacturing busy through 2027. The company also sees a lucrative opportunity in data-center chips, having integrated its technology into GlobalFoundries’ AI platforms, opening new distribution channels.
Not all the noise is positive. The U.S. law firm Bronstein, Gewirtz & Grossman is probing potential securities law violations on behalf of shareholders. Short-seller Ningi Research published a report in early June questioning whether some 2025 revenue was improperly booked from research grants as commercial income. Sivers has not publicly responded. The AGM did approve a convertible bond of roughly 327,000 USD at a 10.85% annual coupon, maturing on 31 December 2029 unless converted earlier. No dividend will be paid for fiscal 2025, and both the board and management were granted discharge from liability.
The stock’s 79% monthly gain has taken it more than twentyfold above the 52-week low of €0.27 reached in March. But the next big test comes on 6 August, when Sivers reports its first quarterly results under the new board. That will be the first chance for investors to hear the company’s side on the revenue classification questions and to get an updated timeline for the Nasdaq move — assuming the new leadership can restore enough trust to talk markets back into the story.
Ad
Sivers Semiconductors Stock: Buy or Sell?! New Sivers Semiconductors Analysis from June 19 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 19.
Sivers Semiconductors: Buy or sell? Read more here...
