Sivers Semiconductors: Insider Trading Frenzy Exposes Boardroom Divide as Stock Tumbles
Published on 07/23/2026 at 07:10 | Redaktion boerse-global.de
The lock-up agreement that had restrained insider selling at Sivers Semiconductors expired on July 16, and the floodgates opened almost immediately. Within days, board members had offloaded hundreds of thousands of shares, sending the stock into a tailspin that has wiped more than 60% off the company's market value over the past month.
The Swedish chipmaker's shares closed at €3.24 on Wednesday, down 13.4% on the day, extending a 30-day slide that now stands at 60.2%. The stock has plunged 68.3% from its 52-week high of €10.23, reached as recently as June 3, and trades well below its 50-day moving average of €6.04.
A Boardroom Split in Plain Sight
The insider activity paints a picture of deep division at the highest levels of the company. While several board members rushed to cash out, CEO Vickram Vathulya did the opposite, purchasing 70,000 additional shares to bring his total holding to 4,540,076 shares plus 3.7 million employee options.
Chairman Bami Bastani moved aggressively to reduce his exposure, executing a three-pronged strategy: donating 60,000 shares to charitable organizations, gifting 70,000 shares to family members, and selling 275,000 shares on July 16. He retains 381,360 shares and 625,000 employee options, though 11,360 shares acquired on July 9 are subject to a fresh one-year lock-up.
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Board member Todd Thomson was the most active seller. Through his investment vehicle Headwaters Capital LLC, he disposed of 950,000 shares by July 22 and donated another 50,000 to a charity. Even after the sell-down, Thomson remains the largest individual shareholder on the board with 477,027 shares. His involvement with Kairos Ventures — a fund that gained its Sivers stake through the 2022 acquisition of portfolio company Mixcomm — continues to reduce its position periodically to return capital to investors.
The Lock-Up That Unleashed a Wave
The selling spree was triggered by the expiration of a lock-up agreement tied to a directed share issue announced on April 16. Under that deal, certain board members and managers had committed not to sell shares until July 16. The capital raise, approved at the June 15 annual general meeting, placed 12,280,701 new shares at 57 Swedish kronor each through an accelerated bookbuilding process. The offering was multiple times oversubscribed by both Swedish and international institutional investors.
An earlier capital round in April had included a 180-day company commitment against further issuance and a 90-day individual lock-up for key insiders including Bastani, Thomson, CEO Vathulya, CFO Heine Thorsgaard, and board members Tomas Duffy and Karin Raj.
A Narrow Window Before Trading Silence
The insider transactions are concentrated in a tight window. Under EU Market Abuse Regulation, a closed period begins July 28, prohibiting executives from trading until the second-quarter interim report is published on August 27. The current wave of selling effectively represents a last chance to transact before the blackout.
This urgency is visible in the trading data. The stock's annualized 30-day volatility stands at 164.4%, placing it among the most turbulent names in the Nordic market. The relative strength index at 37.9 is approaching oversold territory, suggesting selling pressure may be exhausting — though that offers no guarantee of stabilization.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
A Contradiction in the Corner Office
The divergence between CEO buying and board selling creates an unusual dynamic. Vathulya's purchase comes despite the broader insider exodus, and it follows a share acquisition program completed in early July in which Bastani, Raj, Helena Svancar, Thomson, and Joakim Nideborn all bought shares under a general meeting resolution. Those shares carry a mandatory 12-month holding period.
The CEO's conviction stands in stark contrast to the boardroom's rush for the exits. For now, the market is left with conflicting signals and no new data until the August 27 earnings release. The second-quarter report will show whether the business fundamentals support the CEO's confidence — or the board's caution.
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Disclaimer regarding our articles: No investment advice, no buy or sell recommendation. Information on prices, companies, and markets is provided without guarantee; changes are possible at any time. Stock market transactions can lead to substantial losses. Our articles are created and reviewed in whole or in part automatically with the support of AI.
