Sivers Semiconductors Secures 125M SEK from Top Funds as MSCI Inclusion Looms and Short Sellers Circle

Sivers Semiconductors' stock has climbed to 56.65 SEK, pushing the Swedish chip developer's market capitalisation to nearly 13 billion SEK. The surge comes as the company prepares for a dual listing on the Nasdaq New York exchange and an index promotion on May 29, when its shares will join the MSCI Sweden Small Cap Index. That automatic inclusion typically forces ETF providers to buy stock, but not everyone is bullish: hedge funds Voleon Capital and Two Sigma have each built short positions of roughly two percent.

The upbeat sentiment reflects a decisive capital injection. At an extraordinary general meeting on May 11, shareholders approved a directed share issue that will raise approximately 125 million SEK before transaction costs. The company is placing 8.62 million new shares at 14.50 SEK per share, boosting share capital by 4.31 million SEK. After the closing, the total number of shares will stand at just under 320 million.

Prominent Nordic and international investors are backing the deal. The roster includes DNB Disruptive Opportunities, DNB Nordic Small Cap, Storebrand Sverigefond, Alcur Fonder, Atlant Fonder, and Cicero Fonder, alongside US- and UK-based managers Hudson Bay Capital Management and Waterside AM. Existing shareholders face dilution as the placement bypassed subscription rights — a trade-off the board accepted to secure the capital needed for the company's American ambitions.

Should investors sell immediately? Or is it worth buying Sivers Semiconductors?

The funds are earmarked for a costly regulatory uplift. Sivers is restating its 2024 and 2025 financial statements to comply with the audit standards of the US Public Company Accounting Oversight Board (PCAOB), a prerequisite for a Nasdaq listing. The overhaul has already disrupted the financial calendar: the 2025 annual report will not be published until May 15, and the annual general meeting has been pushed to June 15. The first-quarter 2026 results will follow on May 20, offering the first detailed look at how the PCAOB process is weighing on margins in the company's AI photonics and SATCOM businesses.

Meanwhile, the underlying business is expanding. Revenue climbed nearly 33 percent in the past twelve months to roughly 360 million SEK, though the company remains loss-making, posting a net loss of 186.5 million SEK over the same period. A new development contract with Tachyon Networks, valued at around 1.5 million US dollars, will supply specialised high-frequency transceivers for 5G deployment and adds to the growth narrative.

Regulatory headwinds complicate the picture. Market observers point to an ongoing official investigation whose outcome remains open, and which could affect the timing of the US listing. How significant that factor is may become clearer when the delayed annual report lands on Thursday, May 15. With the index rebalancing, the Tachyon deal, and the Nasdaq preparations converging, Sivers Semiconductors faces a critical fortnight that will test whether its institutional backing can outweigh the short sellers.

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