Sivers Semiconductors: Countdown to June 15 as Dilution, Short-Squeeze, and an Insider-Trading Probe Converge
05.06.2026 - 19:04:47 | boerse-global.de
Sivers Semiconductors is staring down a week that will test whether its blistering rally can withstand a triple threat: a shareholder vote that could dilute the stock by 15%, a short-squeeze that has made betting against the company punishingly expensive, and a criminal probe into possible leaks ahead of its Nasdaq listing plans. The stock has already tumbled more than 30% from its June 3 peak of €10.23, closing Friday at €7.14 – a drop of 10.58% in a single session. Yet even at that level, the shares remain some 26 times above the March trough of €0.27, underscoring just how explosive – and fragile – the move has been.
A Shareholder Vote That Could Redraw the Equity Base
All eyes are on the annual general meeting scheduled for June 15. Investors who want to vote had to register by June 5, with nominations and postal ballots accepted until June 9. The board is seeking two separate capital authorizations. The first is a long-term incentive plan covering up to 7 million share options, which would dilute existing holders by roughly 2%. The second and far more consequential request gives management the green light to issue shares, warrants, and convertible bonds equivalent to as many as 53.8 million common shares – about 15% of the current total. Management says the proceeds could fund organic growth, acquisitions, a strategic investor, or a potential secondary listing on the Nasdaq in New York. The company has already aligned its 2024 and 2025 consolidated accounts with PCAOB audit standards, a necessary step for any US listing, though the timing remains dependent on market conditions.
This requested authorization is separate from a small capital increase completed in late May, when an extraordinary general meeting approved the issue of 8.62 million new shares – a fully diluted impact of about 2.5%. That transaction was settled on May 29.
Short-Sellers Getting Squeezed – and Charged for It
The stock’s volatility has been supercharged by a dramatic build-up in short interest. As of early June, 17% of the free float was out on loan, versus just 1.6% in early March. Among the largest disclosed short positions are Voleon Capital at 1.86% and Two Sigma at 1.78% of outstanding shares. The situation became so acute that Nordea Bank hiked margins on all its bear certificates and mini-future short products on Sivers, effective June 3. For a simple -1 leverage bear certificate, the margin jumped to 76.5%; for a -2 factor product it reached 152.5%; and for the aggressive -3 factor instrument it soared to 228.5%. Nordea cited poor liquidity in the securities lending market and climbing borrowing costs.
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The squeeze has been compounded by index inclusion. Sivers was added to the OMX Stockholm Benchmark Index on June 1 and was also included in the MSCI Sweden Small-Cap Index at the end of May, forcing index-tracking funds to build positions. The 30-day annualized volatility now stands at 242% – a level that makes hedging short products extraordinarily expensive and amplifies any directional move.
Regulatory Clouds and an Ongoing Criminal Investigation
Amid the shareholder vote and short-seller turmoil, Sivers is navigating a pair of legal headaches. On June 1, short-research firm Ningi Research published a report alleging problematic revenue recognition and questionable customer contracts. The firm, which disclosed a short position, challenged at least 97 million Swedish kronor of revenue – roughly 31% of the sales Sivers reported for 2025 – claiming some of it was tied to products not yet manufactured or to government research grants mischaracterized as commercial revenue. The allegations remain unproven by any regulator, but Rosen Law Firm later issued a statement flagging potential securities law violations and said it is examining a class-action suit.
Separately, the Swedish Economic Crime Authority is investigating whether confidential information about the planned Nasdaq secondary listing leaked before the official announcement in April. The stock surged roughly 48 hours before the news broke. Prosecutor Jonas Myrdal called the timing and trading patterns “conspicuous” and said the case bears hallmarks of past pump-and-dump schemes. The source of any potential leak has not been identified.
Weak First Quarter but an Ambitious Pipeline
Operationally, the first quarter of 2026 was tough. Net revenue fell 22% year-on-year to 61.9 million Swedish kronor. Adjusted EBITDA was negative 13.8 million kronor, and the net loss widened to 42.7 million kronor. Operating cash flow drained 49.2 million kronor. Management blamed delayed US defense budgets and currency headwinds.
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Countering that weakness, the opportunity pipeline has swelled 77% since the start of the year to $799 million. In automotive LiDAR, Sivers continues to target series production with a major OEM in the fourth quarter of 2026. Its Daybreak beamforming ICs for 5G and 6G FR3 applications are now generally available. On the defense side, a development contract with a leading US defense prime is underway, and a second funding phase for the EW-Star project under the US CHIPS Act has been confirmed, subject to first-year technical milestones. The company has described 2027 as a “transformative year” and maintains a long-term revenue growth target of 25% to 30% annually.
What the Vote Will Reveal
The June 15 meeting will be more than a routine shareholder event. It will serve as a referendum on whether investors are willing to accept significant dilution in exchange for what management calls the fuel for expansion – or whether the combination of a criminal probe, revenue doubts, and a punishing short-squeeze has drained the trust that powered the stock’s ascent from pennies to double digits. The outcome will also signal how much runway Sivers has to reach the Nasdaq before the market demands proof that its pipeline can be turned into cash.
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