Sivers Semiconductors: A Crisis of Confidence as Short Sellers, Regulators, and Auditor Warnings Converge
29.06.2026 - 05:04:45 | boerse-global.de
The wheels have come off at Sivers Semiconductors in spectacular fashion. The stock shed more than 33% in just seven trading sessions, sliding from a June peak of €10.23 to a close of €5.90 on Friday — a single-day drop of roughly 9%. Behind the rout lies a perfect storm of regulatory probes, accounting restatements, a short-seller assault, and a boardroom shake-up that has left investors scrambling for the exit.
Nasdaq Listing Pulled, but Dilution Proceeds
The company’s annual general meeting on June 15 was supposed to be a milestone. The main agenda item was authorising up to 53.8 million new shares — a dilution of around 15% — to support a secondary listing on the Nasdaq. At the last minute, management withdrew the proposal, citing a need for the newly appointed board to review the employee share programme first. Shareholders nevertheless approved the capital increase itself, with proceeds earmarked for artificial intelligence, photonics and potential acquisitions. A timetable for the US listing has not been provided.
Dual Investigations and Legal Threats
Parallel inquiries are now underway in two jurisdictions. Sweden’s Economic Crime Authority and the financial regulator are examining a suspected information leak: about 48 hours before the Nasdaq listing was officially announced, an anonymous account published precise details of the plan, raising clear insider-trading red flags.
Across the Atlantic, US law firms Rosen Law Firm and Bronstein, Gewirtz & Grossman are evaluating potential shareholder lawsuits. The allegation is that Sivers provided materially misleading business information to the public. The company has yet to comment on either investigation.
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Short Sellers Circle as Auditor Sounds Alarm
The selling pressure has been amplified by a surge in bearish bets. The short-interest ratio has jumped from 1.6% in March to 17% now, while annualised volatility has exploded to over 224%. The most damaging blow has come from Ningi Research, the short seller that has alleged that at least 97 million Swedish kronor of Sivers’ projected 2025 revenue is tied to non-existent products and misappropriated research grants. The company has not publicly rebutted those claims.
The financial picture has worsened as Sivers restated its accounts for 2024 and 2025 to comply with US PCAOB standards in preparation for the aborted Nasdaq listing. Revenues were reclassified between periods, inventories revalued, and capitalised development costs written down. The net loss for 2025 was revised upward to around 222 million Swedish kronor from an earlier 186.5 million. External auditors have now expressed “significant doubt” about the company’s ability to continue as a going concern.
Board Exodus and a Convertible Lifeline
The governance turmoil deepened with the departure of Tomas Duffy and two founding shareholders from the board. This leadership vacuum follows the withdrawal of the Nasdaq vote and compounds the sense of drift. To shore up liquidity, Sivers secured a convertible note in June worth roughly $327,000, carrying an annual interest rate of 10.85% and maturing at the end of 2029.
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A Tale of Two Trajectories
Operationally, the picture is sharply divided. On the one hand, the order pipeline has swelled 77% since the end of 2025 to $799 million, and technical partnerships with GlobalFoundries and ALL.SPACE are moving ahead. On the other, net revenue in the first quarter of 2026 slumped 22% year on year to 61.9 million kronor, while adjusted EBITDA came in at negative 13.8 million kronor. Management blames the US government shutdown in the fourth quarter of 2025, delayed defence budgets and unfavourable currency moves.
The Next Flashpoint
All eyes are now on August 6, when Sivers releases its second-quarter results — the first report under the reconstituted board. It will be the earliest opportunity for management to address the short-seller allegations and the regulatory inquiries with hard numbers. Until then, the company remains in the grip of a crisis that has eroded trust on every front.
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