Sivers Semiconductors' Nasdaq Ambitions and 700M SEK Raise Overshadowed by 28% Rout and Dual Probes
Published on 07/01/2026 at 18:56 | Redaktion boerse-global.de
The Swedish chip developer Sivers Semiconductors is racing to finance its expansion into artificial-intelligence components, but a relentless sell-off in its shares and a tangle of investigations threaten to derail the momentum. The stock cratered to 5.17 euros on Wednesday, extending its weekly loss to 28%, after the company completed a heavily oversubscribed capital raise that came with a disclosure discount and fresh questions about corporate governance.
The placement raised approximately 700 million Swedish kronor, with new shares issued to institutional investors at 57 kronor each — a 9.7% discount to the preceding closing price. The offering was multiple times oversubscribed, reflecting strong demand despite the haircut. Management has agreed to a lock-up period preventing them from selling their own shares until mid-July, according to sources close to the deal. The proceeds will be pumped into production capacity for specialized lasers and optical amplifiers critical to AI data centers and lidar sensors, and into expanding the company's global sales network.
Yet even as Sivers chases growth, its stock has been mauled by a perfect storm of negative catalysts. The downturn was triggered in June by a scathing report from short seller Ningi Research, which alleged dubious accounting and worthless customer contracts. That report has since drawn the attention of two U.S. law firms probing potential securities law violations and possible class-action claims. On home turf, the Swedish Economic Crime Authority is investigating a suspected information leak, and the national financial regulator is also involved. Prosecutors have compared the pattern to previous cases of market manipulation, noting that details of Sivers' planned U.S. listing surfaced on social media platform X before being officially confirmed.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The revenue picture does little to reassure investors. First-quarter sales slipped to 61.9 million kronor, down 22% year on year, and the operating result slumped deep into the red. A subsequent revision to the company's 2025 balance sheet — a mandatory step ahead of the planned Nasdaq listing — pushed the net loss to 222.6 million kronor, up from the previously reported 186.5 million. The revised figure underscores the financial strain caused by the short-seller assault and the regulatory probes.
Behind the headline turmoil, however, Sivers' operational fundamentals tell a more promising story. The company's order pipeline has swelled 77% so far this year, reaching a potential volume of $799 million. That record backlog prompted analyst firm Redeye to raise its base-case valuation to 6.80 kronor, citing efficient capital allocation in the latest funding round. The stock's 30-day annualized volatility of 223% and a Relative Strength Index of 41.6 suggest the sell-off may be exhausting itself, though the risks remain elevated.
The timetable for the next milestones is fixed. Management will publish second-quarter results on August 6, and the transfer to the Nasdaq technology exchange is slated for completion no later than early 2027. But with the share price now trading nearly 50% below its early-June peak, Sivers needs to quickly clear the legal and reputational fog if it hopes to convince the market that its $799 million backlog is more than just a future promise.
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