Sivers Semiconductors: A 46x Sales Multiple, an Insider Probe, and a 222.6 Million Loss — All Ahead of May 29

Stock surges 17% to record high on Nasdaq listing hype, but company faces criminal insider investigation, restated losses doubling, and boardroom shakeup.

Sivers Semiconductors is pulling in opposite directions at once. The stock hit a fresh 52-week high of 89.45 SEK on May 25, closing up 17.35 percent at 85.55 SEK — a rally that lifted the price-to-sales multiple to a staggering 46.4, roughly nine times the European tech average. Yet that same day, the company was facing a criminal insider investigation, a restated set of books that nearly doubled its reported losses, and a governance overhaul that is pushing the founders out of the boardroom. The gap between market euphoria and fundamental reality has rarely been wider.

The source of the stock’s surge is easy to identify. An anonymous X account with a large following posted precise details about Sivers’ planned secondary listing on the Nasdaq New York roughly 48 hours before the official announcement in April, triggering unusual price moves. The Swedish Economic Crime Authority is now probing whether that post constituted a breach of the EU Market Abuse Regulation. Prosecutor Jonas Myrdal is leading the investigation. No violations have been confirmed, but a conviction would hand U.S. regulators a ready-made case just as Sivers tries to win approval for its U.S. listing.

The Nasdaq dual-listing narrative has been the central pillar of the Sivers investment case — a story built on AI data centers, optical interconnects, co-packaged optics, SATCOM, and RF beamforming. But the governance questions keep piling up. On May 26, the day after the rally, the stock slipped 1.51 percent to 86.85 SEK in Stockholm as the insider probe became public. The company has also delayed its first-quarter 2026 report twice, now scheduled for May 29, originally set for May 20. The annual report for 2025, released on May 13, was already pushed from April 27 to May 15.

That annual report contained a painful set of restatements. To meet U.S. Public Company Accounting Oversight Board (PCAOB) standards, Sivers revised its revenue recognition between reporting periods, revalued inventory, adjusted assumptions on share-based compensation, and wrote down capitalized development costs. The net effect for 2025: revenue was bumped up slightly to 306.6 million Swedish kronor, but the operating loss deepened from 141.3 million SEK to 177.8 million SEK. The net loss ballooned from 186.5 million to 222.6 million SEK. The comparable figures for 2024 were even worse — revenue slashed from 243.7 million to 219.2 million SEK, and the net loss surged from 116.3 million to 183.9 million SEK. Book value per share fell from 3.46 SEK to 3.05 SEK.

The boardroom is being reshaped in parallel. The nomination committee has proposed a five-member board led by Dr. Bami Bastani as chairman, along with Todd Thomson and Karin Raj. Two new faces are set to join: Joakim Nideborn, a former CFO of publicly listed tech companies, as vice chairman, and Helena Svancar. Co-founder Erik Fällström and two other directors are departing, marking a significant reduction in Scandinavian founding influence. The move is designed to elevate corporate governance to the institutional level that U.S. investors and international regulators expect.

The shareholder register adds another layer of complexity. Sivers’ largest single shareholder, Achilles Capital, is linked to DDM Finance — a company that has defaulted on bonds and is now in restructuring. DDM is shopping portfolios of loans and stakes in tech and life-sciences companies worth between 30 million and 50 million euros. Whether Sivers itself is part of that package is unclear. Meanwhile, short-sellers are circling: Voleon Capital holds 1.86 percent short interest and Two Sigma 1.78 percent, a clear signal that a portion of the market is betting against the stock.

All eyes are now on May 29. Before the market opens, Sivers will release its Q1 2026 report — the first under the new accounting framework. After the close, the stock joins the MSCI Sweden Small-Cap Index, which should generate passive buying pressure. On June 15, shareholders vote on the boardroom overhaul. Three events, three make-or-break moments for the Nasdaq listing — and for a stock that trades at 89 SEK while one analyst has set a target of 6.55 SEK.