Sivers Semiconductors: Friday’s 18% Leap Erased as Dilution Fears Trigger Monday Selloff
Published on 07/06/2026 at 14:42 | Redaktion boerse-global.de
The whiplash in Sivers Semiconductors shares continued with a vengeance this week. After surging 18% on Friday to €5.20 on news of board changes and an insider lock-up, the stock crashed 19% on Monday to €4.20 as the full impact of two recent capital measures hit home. The seesaw action underscores the deep anxiety among investors over the company’s rapidly expanding share count.
The selling pressure stems from two separate transactions that together have flooded the market with new paper. Management placed roughly 12.2 million new shares at SKr 57 each, raising SKr 700 million in a deal that was multiple times oversubscribed by institutional investors. The placement price represented a discount of nearly 10% to the prevailing close. Just days later, lender Bootstrap Europe converted a $12 million loan into equity, receiving nearly 22.8 million new shares at the extremely low conversion price of SKr 4.77.
The combined effect has been a massive dilution. As of the end of June, the total number of outstanding shares had ballooned to almost 320 million. To stem the tide of selling, top executives and board members have committed not to sell any of their holdings until July 16, 2026. CEO Vickram Vathulya and CFO Heine Thorsgaard are among those subject to the lock-up, along with three supervisory board members.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The governance changes announced on Friday added a fresh layer of assurance for some investors. Bami Bastani remains chairman of the board, while Joakim Nideborn steps up as deputy chairman. Management argues that the capital raises demonstrate strong investor confidence in the company’s growth story. The proceeds are being funneled into expanding indium phosphide production capacity and advancing research, with a US listing also in the pipeline for the coming quarters.
On the operational front, the picture is mixed. First-quarter revenue fell 22% year-on-year to approximately SKr 62 million. However, the project pipeline has swelled to $799 million, and a key LiDAR customer is scheduled to commence series production in the fourth quarter. CEO Vathulya has defended the recent capital increases as a testament to the strength of investor interest, while the company focuses on AI, satellite communications, and defense.
The extreme volatility reflects unresolved short seller allegations that have weighed on sentiment. The annualized volatility has surged past 220%, and the stock now trades at roughly half its year-to-date high of €10.23, set in early June. The 100-day moving average at €3.58 remains a critical support level.
The next major catalyst comes on August 6, 2026, when Sivers is due to report second-quarter results. Management will need to back up its narrative with concrete numbers to dispel the short seller claims. Without hard evidence of operational progress, the downside risk remains considerable.
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