Rally and Probe: Sivers Semiconductors Faces a Test of Credibility as Index Inclusion Nears

Swedish chipmaker Sivers Semiconductors faces a preliminary probe over a potential information leak before its Nasdaq dual listing announcement. Stock slips 6.9% amid restated financials and delayed Q1 report.

Just days after Sivers Semiconductors notched a 17 percent gain on news of an index promotion, the Swedish chipmaker found itself on the defensive. The stock slid 6.89 percent to 79.65 Swedish kronor on Tuesday as Swedish authorities opened a preliminary probe into whether details of the company’s planned dual listing on the Nasdaq in New York reached the market before the official announcement. No charges have been filed, but for a stock that has rallied more than 2,000 percent over the past twelve months, the mere suggestion of an information leak struck at the core of investor confidence.

The investigation focuses on a window of roughly 48 hours before the company’s earlier communication regarding its US listing strategy. Sivers has been selling a narrative built on photonics, AI data-centre demand, and the visibility that comes with an American exchange. Any question about the integrity of that communication chain hits a sensitive nerve, and the sell-off on Tuesday reflected that unease. The probe lands at a time when the company is already under scrutiny: its first-quarter earnings report was pushed back from May 20 to May 29, and it recently restated its financial statements.

The restatements were disclosed on May 13 when Sivers published its full-year 2025 report. The numbers were adjusted as part of the company’s preparation for a US listing, which requires stricter auditing standards. Revenue for 2025 was revised up marginally to 306.6 million kronor from an earlier 304.1 million kronor. The operating loss, however, widened to minus 177.8 million kronor, and the net loss jumped to 222.6 million kronor from the previously reported 186.5 million kronor. For 2024, revenue was cut to 219.2 million kronor from 243.7 million kronor, while the net loss was raised to 183.9 million kronor. Such adjustments are not unusual when transitioning to US accounting rules, but they add to the narrative of a company racing to get its house in order.

Balancing that caution is a clear structural catalyst. Nasdaq announced on May 22 that Sivers Semiconductors would be added to the OMX Stockholm Benchmark Index (OMXSB) effective June 1. The index, which tracks the largest and most liquid stocks on the Stockholm exchange, rotates twice a year. Ten stocks were added alongside Sivers, including Attendo, Beijer Ref, Bravida, and Lundin Gold, while twelve names — among them AcadeMedia, AFRY, and Indutrade — were removed. The blue-chip OMXS30 index, by contrast, saw no changes. The benchmark inclusion does not carry the same prestige as the OMXS30, but it brings guaranteed passive fund flows and heightened visibility.

The index announcement itself triggered a 17 percent jump in Sivers’ shares on May 25, extending a rally that has already turned the stock into one of Stockholm’s most explosive performers. Yet that momentum now depends heavily on what the company delivers in its upcoming quarterly report. Sivers has scheduled the delayed Q1 2026 numbers for May 29, just two days before the index change takes effect. The annual general meeting follows on June 15 in Stockholm. That compressed timeline means the May 29 print will serve as a stress test: clean figures and a steady hand on the Nasdaq timeline could restore faith, while any further delays or fresh accounting surprises would reinforce the trust discount.

The AGM agenda adds another layer. The board has proposed no dividend for 2025 and is seeking approval for a long-term incentive plan of up to 7 million stock options, representing roughly 2.0 percent on a fully diluted basis. It also wants authorisation for capital measures that could dilute existing shareholders by as much as 15.0 percent. The combination of the insider probe, restated losses, and the need for a credible Q1 update leaves Sivers with little room for error. The index inclusion is a powerful tailwind, but the next week will determine whether the stock’s extraordinary run is built on a foundation solid enough to withstand the storm.