Sivers Semiconductors Faces a Pivotal Vote as Cash Dwindles and a Criminal Probe Looms

The next few days will determine whether Sivers Semiconductors can pull off its ambitious US expansion — or whether the weight of mounting losses, a criminal investigation, and deep skepticism from academics will derail the Swedish photonics group.

On Monday, shareholders gather for an extraordinary general meeting to vote on a targeted share issue that would raise 125 million Swedish kronor. The proposal calls for the issuance of 8.62 million new shares at 14.50 kronor each, with institutional investors including DNB and Storebrand already on board. If approved, the dilution for existing holders would be roughly 2.5 percent, with management and the company agreeing to lock-up periods.

The capital injection is badly needed. Sivers ended last year with just 44 million kronor in cash reserves — a thin cushion against a net loss of around 186 million kronor. Revenue climbed a quarter to 304 million kronor, but the burn rate has left little room for error.

Nasdaq Dreams Meet a Delayed Reporting Calendar

The company is racing to secure a secondary listing on the Nasdaq in New York, a move that has forced a major reshuffle of its financial reporting. The annual report has been pushed back to May 15, with first-quarter results following five days later on May 20. The delay stems from the need to restate accounts under the stricter PCAOB auditing standards required by US regulators. Management has flagged expected adjustments to revenue recognition and inventory valuation.

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That reporting crunch comes just four days after the shareholder vote on the capital raise — a tight timeline that leaves little margin for surprises.

Criminal Probe Adds to the Pressure

Overshadowing the entire process is an investigation by Sweden’s Economic Crime Authority. A prosecutor is examining whether confidential details about the planned Nasdaq listing leaked before the official announcement in April. The inquiry follows a staggering 725 percent share price surge over the past twelve months, a rally that has drawn both speculative interest and regulatory scrutiny.

The probe has fueled concerns about market integrity, particularly given the stock’s elevated valuation. Sivers trades at 31 times revenue, a multiple that dwarfs the European semiconductor sector average of around four. Short sellers have taken note, holding roughly six percent of the outstanding shares.

Academic Skepticism and Industry Giants

The company’s technology — optical data transmission modules for AI data centers — has also come under fire from researchers. Peter Andrekson of Chalmers University argues that the underlying technology has existed for years and offers no genuine competitive advantage. Photonics expert Richard Schatz echoes that view, pointing to the enormous capital requirements of the sector. Industry heavyweights such as Lumentum and Coherent recently secured billion-dollar investments from Nvidia, underscoring the scale of the challenge.

Sivers is collaborating with contract manufacturer Jabil on new optical modules aimed at the AI data center market, which is projected to reach 225 million units globally by 2030. But critics question whether a small Swedish player can compete against well-funded incumbents.

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What Comes Next

Monday’s vote will effectively decide whether Sivers has the liquidity to pursue its Nasdaq ambitions. Without the fresh capital, product development for AI data centers would stall. If the green light is given, the company will then face the twin tests of delivering clean US-standard accounts on May 15 and convincing investors that its technology can justify a valuation that remains 31 times sales.

The criminal probe adds an unpredictable element. Any finding of improper disclosure could delay the US listing or damage credibility with American regulators. For now, all eyes are on the shareholder meeting — and whether the institutional backing from DNB and Storebrand proves enough to carry the day.

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