Sivers Semiconductors: A Fund's Swift Exit and a Short-Seller Squeeze Collide Ahead of a Critical Shareholder Vote
05.06.2026 - 10:25:57 | boerse-global.de
Just as short sellers were being forced to cover at punishing costs, one of Sivers Semiconductors' longest-standing institutional backers slipped out the back door. Cicero Fonder unloaded its entire stake by the end of May, selling roughly 5.75 million shares worth an estimated 450 to 470 million Swedish kronor — a move that crystallised a big profit from the stock's blistering rally but also removed a stable, long-term holder from the register. At the same time, short interest in the Swedish photonics company has ballooned to 17% of the free float, up from just 1.6% in early March, prompting Nordea Bank to jack up margins on its bear certificates to as much as 228.5% for triple-leveraged products.
The exodus was gradual but decisive. Cicero held 3.5% of Sivers' capital and 3.7% of votes at the end of September 2025. By February 2026 that had slipped to 3.3%, and by the end of April it was down to just 0.4%. The final 1.2 million shares — roughly 0.4% of the company — were sold in May, leaving Cicero with a clean break. The fund's departure comes after a spectacular run: the stock closed at around €8.02 on Thursday, up 72% over 30 days and 29% over the past week alone. It hit a 52-week high of €10.23 on 3 June, before pulling back, but remains more than double its 50-day moving average of €3.94. The annualised 30-day volatility has hit 242%, making the shares a trader's paradise and a risk manager's nightmare.
Nordea's margin hike, effective from 3 June, reflects that volatility and a worsening liquidity crunch in the securities lending market. Bear certificates with a -1 leverage now carry a 76.5% margin; factor -2 products command 152.5%; and the most aggressive, factor -3, require 228.5%. The bank cited poor availability of lendable shares and soaring borrowing costs. Among the largest disclosed short positions are Voleon Capital at 1.86% and Two Sigma at 1.78% of outstanding shares. When news of the GlobalFoundries partnership sent the stock surging, shorts were caught offside and forced to cover, amplifying the rally further.
Operationally, the company is still catching up with its own ambition. First-quarter net sales slid 22% year-on-year to 61.9 million SEK, adjusted EBITDA came in at negative 13.8 million SEK, and the net loss widened to 42.7 million SEK. Management blamed delays linked to the US government shutdown, pending defence budget approvals, unfavourable exchange rates, and higher selling costs tied to preparations for a potential US dual listing. Yet the opportunity pipeline grew 77% since the start of the year to $799 million. A capital increase in May saw 8.62 million new shares placed (roughly 2.5% dilution on a fully diluted basis), bringing in fresh institutional money and providing breathing room.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
All eyes are now on the annual general meeting scheduled for 15 June. Shareholders who want to vote had to register by 5 June, with nominations and postal voting still open until 9 June. Two capital-related proposals are on the table. The first is a long-term incentive programme covering up to 7 million share options, representing about 2% dilution. The second — and far more consequential — is a broad authorisation for the board to issue shares, warrants and convertible bonds equivalent to up to 53.8 million ordinary shares. That would represent a potential dilution of roughly 15% of the current share count. Management says the firepower could be used for organic growth, acquisitions, securing strategic investors, or pursuing a secondary listing on Nasdaq New York. The company's 2024 and 2025 accounts have already been converted to PCAOB auditing standards, though the timing of any US listing depends on market conditions.
The picture is further clouded by two external threats. On 1 June, short-seller research firm Ningi Research published a report alleging questionable revenue recognition and phantom customer contracts — claims that have not been substantiated by regulators but land at a sensitive moment. Meanwhile, the Swedish Economic Crime Authority has opened a criminal investigation into whether confidential details about the proposed Nasdaq listing leaked before the official announcement in April.
Management is sticking to its strategic narrative. In automotive LiDAR, series production with a major OEM is still slated for the fourth quarter of 2026. The Daybreak beamforming ICs for 5G/6G FR3 applications are now generally available. And in the defence segment, a development contract with a leading US defence contractor is under way, while the second phase of the EW-Star project under the US CHIPS Act has been confirmed, subject to successful completion of first-year technical milestones. The company describes 2027 as a "transformative year" and targets long-term annual revenue growth of 25% to 30%.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
The AGM on 15 June will therefore test whether shareholders share that confidence. Cicero's complete exit suggests one long-term believer has already taken its winnings off the table. Short sellers, meanwhile, are being squeezed by both index inclusion — the stock joined the OMX Stockholm Benchmark Index on 1 June, with MSCI inclusion pending — and the sheer violence of the rallies. Whether the stock can sustain its gains through a dilutive vote and a regulatory probe will define the next chapter.
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