Sivers Semiconductors: From 10.23 Euro High to 5.10 Euro Rebound — Inside the 700M SEK Raise, Short-Seller Sting, and Nasdaq Pause
Published on 07/03/2026 at 18:21 | Redaktion boerse-global.de
The whipsaw action in Sivers Semiconductors shares shows no sign of letting up. After a brutal sell-off that erased more than half the stock’s value from its June peak, buyers stepped back in on Friday, lifting the Swedish photonics and radio-frequency chip specialist by 14.66% to close at €5.10. Some intraday reports showed gains as high as 15.3% before the market settled. The bounce offers a temporary reprieve for a stock that has been pummelled by a dilutive capital raise, a short-seller attack, and sudden boardroom upheaval — all within the span of a few weeks.
The crisis began with a private placement that raised roughly 700 million Swedish kronor from institutional investors. New shares were issued at 57 kronor apiece, a discount of nearly 10% to the last closing price. That dilution ignited a wave of selling, wiping out more than 39% of the stock’s value over the subsequent 30 trading days. More than 320 million shares are now in circulation. Yet the order book was reportedly multiple times oversubscribed — a sign, management argues, that both new and existing shareholders back the company’s long-term strategy.
To shore up confidence, key insiders have locked themselves in. Chief executive Vickram Vathulya, chief financial officer Heine Thorsgaard, and three board members signed lock-up agreements barring them from selling any shares until 16 July 2026. That commitment puts a floor under Friday’s recovery, even if the technical picture remains ugly. The stock still trades more than 17% below its 50-day moving average of €6.16, and well off the 52-week high of €10.23 reached on 3 June. The annualised 30-day volatility stands at an eye-popping 210%, reflecting the extreme swings that have defined recent sessions.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Behind the price chaos lies a thicket of fundamental worries. Revenue growth has stalled unexpectedly: sales in the first quarter of 2026 fell 22% year-on-year to just 61.9 million Swedish kronor, and the adjusted operating loss clocked in at 13.8 million kronor. A restatement of 2024 and 2025 accounts to PCAOB standards pushed the net loss for 2025 up from 186.5 million to 222.6 million kronor. Meanwhile, short-seller Ningi Research published a report on 1 June challenging at least 97 million kronor of 2025 revenue — roughly 31% of the total — alleging that Sivers booked sales for products not yet manufactured and classified government research subsidies as commercial income. The company has yet to issue a detailed public rebuttal.
The board itself has not been immune to the turmoil. At the annual general meeting on 15 June, a plan to approve up to 53.8 million new shares for a Nasdaq secondary listing was abruptly withdrawn. Vice-chairman Tomas Duffy and founders Erik Fallström and Keith Halsey resigned just ahead of the meeting. Shareholders elected Joakim Nideborn as the new deputy chairman and Helena Svancar to the board, while incumbent chairman Bami Bastani remains in place. The board did receive a general mandate to issue a comparable number of shares in the future, but a fresh timeline for the US listing is notably absent — the project is effectively on ice until the directors revisit it.
Amid the noise, one number offers a glimmer of hope: the order backlog has ballooned 77% since the start of the year to $799 million. Chief executive Vathulya blames the revenue drop on the US government shutdown in the fourth quarter of 2025 and delayed defence budgets, but insists the company’s technology is finding traction in artificial intelligence, satellite communications, and defence applications. The capital raised will go directly into those growth areas.
The next big test comes on 6 August, when Sivers reports its second-quarter results. That earnings release will show whether the combination of a fresh cash injection and a swelling order book can finally translate into top-line expansion — or whether the headwinds from accounting revisions, a sceptical short seller, and a stalled Nasdaq listing will continue to cap any sustained rally. Until then, shareholders are braced for more hairpin turns.
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