Sivers Semiconductors Clears the Decks for US Listing with Board Revamp and Restated Books
25.05.2026 - 19:21:04 | boerse-global.de
Sivers Semiconductors is reshaping its governance and its financial foundation ahead of a potential Nasdaq New York listing. The Swedish deep-tech company has proposed a revamped board of directors for its annual general meeting on June 15, 2026, while simultaneously grappling with an insider-trading investigation and a set of restated accounts that have widened its reported losses.
The nomination committee has put forward a five-member board. Returning members Dr. Bami Bastani (chair), Todd Thomson and Karin Raj are joined by two new nominees: Joakim Nideborn, a former CFO of listed tech companies who will serve as vice chair with a remit to strengthen the Nordic investor and customer base, and Helena Svancar, who brings more than two decades of international leadership experience aligned with Sivers' scaling ambitions. The departures include founder Erik Fällström, Keith Halsey and former deputy chair Tomas Duffy. The board shake-up is framed as support for the company's global pivot toward photonics for AI data centres and millimetre-wave technology for satellite links, lidar and advanced sensors.
Alongside the board vote, shareholders will decide on a long-term incentive plan involving up to 7 million stock options, worth roughly 2 percent dilution on a fully diluted basis, to be covered by the issuance of 7 million C-shares. Registration for voting through nominees must be completed by June 9.
The governance overhaul coincides with a deep revision of Sivers' financial statements. The company has restated its consolidated accounts to US PCAOB standards, altering revenue recognition, inventory valuations and assumptions around share-based compensation. For 2024, revenue was cut to 219.2 million Swedish kronor from the previously reported 243.7 million, while the net loss ballooned to 183.9 million kronor from 116.3 million. The 2025 figures, though showing a slight revenue upgrade to 306.6 million kronor, also saw a deterioration in profitability: the operating loss after restatement stands at 177.8 million kronor, up from the original figure, and the net loss has been widened to 222.6 million kronor from 186.5 million.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
These revised numbers matter because the stock has been on a tear. Shares traded at 84-85 kronor on Monday afternoon in Stockholm after hitting a fresh 52-week high of 89.45 kronor earlier in the session. The prior close was 72.90 kronor, following a new annual high of 74.90 kronor on the previous day. The rally, which began in mid-April, has lifted the price-to-sales ratio to 46.4 — roughly nine times the European tech average. Not everyone is buying the narrative: one analyst has set a price target of just 6.55 kronor, underscoring the chasm between market enthusiasm and conservative valuation.
That enthusiasm is partly pinned on the planned dual listing on Nasdaq in New York, but a cloud of legal uncertainty now hangs over the process. Sweden's Economic Crime Authority is investigating whether information about the Nasdaq plans leaked before the official announcement in April. No confirmed violations have been found, but the probe adds regulatory risk to what has been Sivers' central growth story.
The next test of the story comes on May 29, when the company reports first-quarter 2026 results — its first under the revised accounting framework. That same day, after the market close, Sivers is set to join the MSCI Sweden Small-Cap Index, a passive catalyst that could drive further buying. On the positive side, the company recently secured a $6.6 million Pentagon grant for the second year of its EW-STAR project under the CHIPS Act, providing a tangible link to US defence spending.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
Financing has already been bolstered: a capital raise placed 8.62 million new shares at 14.50 kronor apiece, bringing in approximately 125 million kronor. Yet a separate worry looms from key shareholder Achilles Capital, whose parent DDM Finance has defaulted on bonds and entered restructuring, raising the possibility that a large block of Sivers stock could hit the market.
Between the board election, the restated accounts, the insider probe and the index inclusion, Sivers faces an unusually dense calendar. The stock has run hard on promise; the next weeks will test whether the fundamentals can catch up.
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