Sivers Semiconductors Faces Twin Headwinds as Restatement and Lock-Up Expiry Collide
Published on 07/16/2026 at 17:47 | Redaktion boerse-global.de
The clock is ticking on two pivotal events for Sivers Semiconductors, and the market is punishing the stock from both directions. In the span of a week, the Swedish chipmaker has seen its share price battered by a combination of higher-than-expected losses from a financial restatement and the imminent release of insider selling restrictions. The result: a stock that has lost more than two-thirds of its value since early June.
On one Thursday, the shares tumbled 12.24% to EUR 3.11 as investors digested the full impact of the company’s “audit uplift” – a pivot to stricter US accounting standards that forced Sivers to restate its 2025 net loss to SEK 222.6 million, from SEK 186.5 million previously. Revenues for 2024 were also trimmed to SEK 219.2 million from SEK 243.7 million, with management citing reclassifications of revenue between reporting periods and revised inventory valuations. The restatement was a necessary step toward a dual listing on the Nasdaq, but it came with a stark reminder that the path to profitability remains longer than initially thought.
Days later, a second blow landed. On July 16, a lock-up agreement covering shares held by key insiders expired, and the stock shed another 5.47% to EUR 3.35. The lock-up had bound CEO Vickram Vathulya, CFO Heine Thorsgaard, and board members Bami Bastani, Karin Raj, and Todd Thomson to a six-month selling ban tied to a directed share issue in April. The expiry triggered fears of immediate selling pressure, even though some restrictions remain under a separate, more recent capital raise.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The capital infusion itself added to the turbulence. On June 30, Sivers completed a directed equity issue of 12.28 million shares at SEK 57 per share, raising roughly SEK 700 million. The placement, priced at a 9.7% discount to the prior close on Nasdaq Stockholm, was oversubscribed by both Swedish and international institutions. The proceeds are earmarked for expanding production of indium phosphide lasers and optical amplifiers, key components for next-generation AI data centers and automotive LiDAR. Still, existing shareholders bore the full weight of the dilution, which dragged the stock lower in the weeks that followed.
Amid the selling pressure, the board took an unusual step. On July 13, five board members including Bastani, Raj, Helena Svancar, Todd Thomson and Joakim Nideborn, alongside CEO Vathulya, purchased shares on the open market. Those purchases, approved by the annual general meeting, come with a mandatory 12-month holding period. The timing – just three days before the lock-up expiry – created a stark contrast: long-term insider commitment versus the prospect of immediate insider exits.
Chart evidence paints a brutal picture. From the 52-week high of EUR 10.23 reached on June 3, the stock has plunged approximately 67% to 70%, depending on the exact trading session. The 50-day moving average at EUR 6.13 sits nearly 50% above current levels, underscoring the velocity of the decline. The relative strength index hovers near 34.5, flirting with oversold territory, while annualised volatility of almost 150% reflects the erratic swings of recent weeks.
Sivers is also adjusting its financial calendar to meet the PCAOB audit requirements for a US dual listing. The Q2 2026 interim report has been delayed to August 27, with Q3 and Q4 reports due on November 26, 2026 and February 25, 2027, respectively. Until then, the market must weigh the technical overhang from the lock-up expiry, the dilution from the capital raise, and the boarded-up confidence signaled by insider buying. The short-term direction hinges on which of these forces ultimately prevails.
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