Sivers Semiconductors: A Nasdaq Bet, a Dilution Threat, and a Criminal Probe Converge at the AGM

Sivers stock slides 16% ahead of June 15 AGM where shareholders vote on Nasdaq dual listing, 15% dilution, and approve convertible loan; financial restatements and criminal investigation add pressure.

As the calendar flips toward June 15, Sivers Semiconductors finds itself in the crosshairs of multiple forces. The stock closed at €7.30 on the day before the AGM registration deadline, extending a weekly decline to roughly 16%. The slide has erased nearly all the gains from a dramatic short squeeze that had propelled the shares as high as €10.23 – a 52-week peak that now looks increasingly fragile.

The meeting in Stockholm will be one of the most consequential in the company's recent history. Shareholders will vote on a Nasdaq dual listing, a capital increase of up to 53.8 million new shares that could dilute existing holdings by roughly 15%, a stock option plan covering up to 7 million shares (about 2% on a fully diluted basis), and the retroactive approval of a $12.0 million convertible loan arranged on March 3, 2026. That note carries a 10.85% annual coupon and matures at the end of 2029. The fresh capital is earmarked for the US listing push, but the dilution looms large over retail and institutional holders alike.

The financial picture that awaits voters has been clouded by a switch to US accounting standards. Under PCAOB rules, Sivers had to restate its 2024 revenue downward to 219.2 million Swedish kronor from the previously reported 243.7 million kronor. The net loss for that year ballooned from 116.3 million to 183.9 million kronor. For 2025, the revenue correction was modestly positive – 306.6 million kronor versus 186.5 million – but the net loss still widened to 222.6 million kronor. The restatements touched revenue recognition, inventory valuation, share-based compensation, and capitalized development costs.

The first quarter of the current year did little to reassure. Net revenue dropped 22% to 61.9 million kronor. Adjusted EBITDA came in at negative 13.8 million kronor, and operating cash flow was negative 49.2 million kronor. Management blamed the US government shutdown in the fourth quarter of 2025, which delayed defense budgets, and an unfavorable currency environment. Annual targets, however, remain unchanged.

The short squeeze that lifted the stock earlier this year has effectively wound down. Short interest had climbed to around 17% of free float in early March, up from just 1.6%, with funds Voleon Capital holding 1.86% and Two Sigma 1.78% of outstanding shares. Nordea had jacked up margin requirements on short products – in some cases to 228.5% – because of thin liquidity in the stock-lending pool. That forced short sellers to cover, pushing the price higher. But with those positions now largely closed, the technical support has vanished, and the shares are slipping back.

Adding to the market’s unease is a criminal investigation by Swedish authorities into a suspected information leak. The stock surged roughly 48 hours before the official Nasdaq listing announcement, and the timing and trading patterns were described as "striking" by prosecutor Jonas Myrdal, who drew parallels to earlier pump-and-dump cases. Two US law firms – Rosen Law Firm and Bronstein, Gewirtz & Grossman – have launched investigations into possible securities law violations. No formal lawsuits have been filed yet.

Inside the company, executive behaviour is also sending signals. Harish Krishnaswamy, who runs the Sivers Wireless subsidiary, sold about 1.39 million shares in late May, netting nearly 100 million Swedish kronor. Not a single insider has bought shares in the past three months; every reported transaction has been a sale. Meanwhile, short seller Ningi Research has attacked the company’s accounting, alleging that roughly 31% of reported 2025 revenue is questionable and that management may have classified research grants as commercial revenue.

Despite the turmoil, Sivers’ order pipeline has grown to $799 million, driven by photonics and satellite communications demand. On June 1, the stock was added to the OMX Stockholm Benchmark Index, and shortly before that to the MSCI Sweden Small-Cap Index, triggering passive fund buying. The 30-day annualized volatility stands at a staggering 252.57%, making Sivers one of Europe’s most volatile tech names.

The AGM on Monday will force management to field questions on accounting methods, the Nasdaq timeline, and the dilution plan. A further operational test comes with the half-year report due on August 6. Until then, the stock remains trapped between a promising pipeline and a thicket of legal, financial, and technical headwinds.