Sivers Semiconductors Bets on Nasdaq Listing While Wrestling with Restated Books and Short Sellers

Sivers Semiconductors faces extreme volatility after PCAOB restatement widens losses, a 125M SEK capital raise, and short-seller bets as stock surges 172%.

A punishing accounting overhaul, a hastily organised capital injection, and a surge of short-selling interest have turned Sivers Semiconductors into one of the most volatile names on the Swedish market. The chip developer, which is preparing a potential dual listing on the Nasdaq in New York, has seen its financials slashed by the transition to stricter US auditing standards — even as its share price more than doubled in the past month.

The rejig to PCAOB (Public Company Accounting Oversight Board) rules forced Sivers to restate its consolidated numbers for 2025. The net loss ballooned to approximately 223 million Swedish kronor (SEK), up sharply from the 186.5 million SEK originally reported. The loss for 2024 was also revised higher, to 183.9 million SEK from a previously stated figure. Under the new standards, the group’s EBIT loss landed at 177.8 million SEK for 2025, while earnings per share dropped to minus 0.81 SEK. Equity fell to 949.8 million SEK.

Sivers attributed the revisions to revenue deferrals, revaluation of inventories, changes in share-based compensation assumptions, and impairment of capitalised development costs. The restatement came in the annual report published on 13 May, nearly two weeks later than originally scheduled.

To ease immediate liquidity concerns, an extraordinary general meeting on 11 May approved a directed share issue of 8.62 million shares at 14.50 SEK each, raising gross proceeds of about 125 million SEK. The placement drew participation from DNB Disruptive Opportunities, Storebrand Sverigefond, Alcur Fonder, and Hudson Bay Capital Management. Management also sought to calm investor nerves: CEO Vickram Vathulya and CFO Heine Thorsgaard pledged a 90-day lock-up on their personal holdings.

On the operational front, the wireless division secured a development partnership with Tachyon Networks worth $1.5 million. The deal centres on a 60 GHz transceiver for wireless broadband, deepening an existing relationship that began with a production order for 28 GHz antenna modules. Harish Krishnaswamy, head of the wireless business, described the contract as a natural extension of their work on urban networks.

Yet the market has priced Sivers with extreme optimism. Over the past month the stock has surged roughly 172%, pushing the price-to-sales ratio to 46 — compared with an average of five for European industry peers. That valuation gap has drawn in professional short sellers. Voleon Capital Management and Two Sigma Investments have built positions close to 2% each, betting the rally will reverse.

The share price itself has been erratic. On 11 May the stock jumped more than 10% to 48.36 SEK after falling 12.5% earlier in the week. By 15 May it closed at 55.70 SEK, having swung between 51.70 and 59.85 SEK in a single session — an unusually wide range that pointed to deep disagreement between buyers and sellers.

An additional risk lurks in the shareholder register. The parent company of Sivers’ largest investor, Achilles Capital, has defaulted on its bonds and entered restructuring. Market watchers fear a large block of shares could hit the market if the fund is forced to liquidate.

Meanwhile, the Swedish Economic Crime Authority is investigating whether details of the planned Nasdaq listing leaked before the company’s official announcement in April. Sivers has not commented on the probe.

All eyes now turn to 29 May, when the delayed first-quarter report is due. That same day the stock will be added to the MSCI Sweden Small Cap Index, a passive inflow event that could temporarily support the price. A fortnight later, on 15 June, the annual general meeting will vote on new share option programmes and capital authorisations. The interplay of accounting scars, fresh cash, short pressure, and index inclusion makes for a high-stakes fortnight — one that will test whether Sivers’ Nasdaq dream can survive the scrutiny it demands.