Sivers Semiconductors' 18% Bounce Masks a Crisis of Confidence: Founders Fled, Nasdaq Frozen, and Short Sellers Circling
Published on 07/05/2026 at 10:16 | Redaktion boerse-global.de
The 18% spike in Sivers Semiconductors shares on Friday, to €5.20, looks like a clean victory lap after the company neutralized a $12 million debt headache. Scratch the surface, though, and the Swedish chip developer is wrestling with a leadership exodus, a stalled U.S. listing, and a regulatory probe that have shattered whatever goodwill the market had left.
The immediate catalyst was Bootstrap Europe swapping its entire loan for 22.8 million new shares — a conversion the board greenlit without delay. That followed a heavily oversubscribed accelerated placement that raised 700 million Swedish kronor at 57 kronor per share. Together, the two capital injections have swollen the share count to nearly 320 million, hammering existing shareholders with dilution. Chief Executive Vickram Vathulya called the fresh funds a strategic win, citing robust institutional demand, but the price tag in equity terms is steep.
On the operational side, the pipeline has never looked more impressive. The project backlog hit a record $799 million, led by a LiDAR customer that starts series production in the fourth quarter, a contract alone worth up to $138 million. Yet the first-quarter numbers told a grimmer story: revenue slumped 22% sequentially to 62 million kronor, as delayed U.S. defense budgets stalled near-term billings. Short sellers have pounced on the discrepancy, questioning the authenticity of reported sales and even raising doubts about the company's survival. So far, management has not published a detailed rebuttal.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The operational picture is further muddied by boardroom chaos. Plans for a secondary listing on the Nasdaq were shelved when the company abruptly pulled the vote from its mid-June annual general meeting. In the run-up, both the founders and the vice-chair of the supervisory board resigned. Swedish authorities have opened an investigation into possible insider trading linked to the Nasdaq ambitions. The stock's behavior reflects the turmoil: annualized volatility stands at 213%, the shares have lost roughly 38% in the past month, and they trade well below the 50-day moving average of €6.16 — roughly half the June peak.
The Nasdaq listing remains blocked until the board resolves an outstanding compensation program. The cancellation of the AGM vote did spare shareholders a potential 15% further dilution, a small consolation in a period of massive equity expansion. On the governance front, Bami Bastani stays on as chairman, with Joakim Nideborn elevated to deputy. To prevent insider sales during the turbulence, executives and the CEO are barred from trading shares until July 16, 2026.
The next major test arrives on August 6, 2026, when Sivers reports second-quarter results. By then, management must show whether the record $799 million pipeline can finally translate into cash revenue. Until that evidence materializes, the extreme swings are likely to persist.
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