Sivers Semiconductors: AGM Vote on Dilution and Nasdaq Listing Set Against Short-Seller Probe and Insider Selling
12.06.2026 - 13:34:28 | boerse-global.de
Swedish chip developer Sivers Semiconductors enters a defining week as shareholders gather in Stockholm on Monday for a general meeting that will decide the fate of a planned Nasdaq dual listing and a capital increase of up to 53.8 million new shares. The vote comes at a moment when the company is buffeted by a short-seller attack, a criminal investigation into suspected leaks, and heavy insider selling, even as its stock has staged a dramatic recovery from a 52-week low of €0.27.
The proposed capital hike would dilute existing holders by roughly 15%. Management intends to use the proceeds to fund organic growth and cover costs associated with the Nasdaq listing, which is seen as a key catalyst for the stock. Shareholders will also vote on an options programme covering 7 million shares and retroactively approve a convertible loan of $12 million.
Short-Seller Allegations and Regulatory Scrutiny
The company’s recovery rally, which pushed the share price to €8.17 on Friday — a month-on-month gain of over 63% — has been partly driven by a short squeeze. Nordea Bank raised lending fees for the stock to as high as 228%, forcing short sellers to abandon their positions at punishing rates. However, the squeeze is now losing momentum, and the stock remains roughly 24% below its early-June high.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Pressure is mounting from multiple directions. In early June, short seller Ningi Research released a critical report alleging aggressive revenue recognition practices. The firm specifically challenged revenues of 97 million Swedish kronor — nearly one-third of Sivers’ reported annual sales for 2025. Two U.S. law firms are assessing potential shareholder lawsuits, while Swedish economic crime authorities are investigating a possible information leak ahead of the Nasdaq announcement in April. The stock had risen notably 48 hours before the official news broke.
Insider Exodus Adds to Unease
Further compounding the bearish sentiment, insider selling has surged. On 30 May, Harish Krishnaswamy, head of the wireless subsidiary, sold 1.39 million shares for close to 100 million kronor. No insider purchases have been recorded in the past three months, undermining management’s long-term narrative.
Despite the turmoil, Sivers’ operational picture shows some bright spots. First-quarter revenue fell 22% to 61.9 million kronor, and the net loss widened to 42.7 million kronor. Yet the company secured a production order worth $8.2 million from ALL.SPACE and announced a strategic partnership with GlobalFoundries to integrate Sivers’ laser arrays into the U.S. foundry’s platform for AI infrastructure. The order pipeline has grown 77% since the start of the year to $799 million, with automotive LiDAR production expected to begin by late 2026.
Recent index additions — including the MSCI Sweden Small-Cap and the OMX Stockholm Benchmark — have also forced passive funds to accumulate the stock. Whether that support holds will depend on Monday’s outcome. If shareholders back the Nasdaq plan, the shares could find a floor. A rejection would remove the most powerful short-term catalyst, leaving the next major fundamental test — the half-year report due on 6 August — to set the direction for the weeks ahead.
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