Sivers Semiconductors: Board Exodus and Nasdaq Delay Can't Derail a 77% Pipeline Surge and a Convertible Loan Lifeline

Sivers stock surges 8.5% despite three director resignations and a delayed Nasdaq listing vote, as investors bet on operational momentum and a new board mandate.

Sivers Semiconductors shares jumped 8.53% to EUR 9.22 on Wednesday, a counterintuitive reaction to an annual general meeting that saw three directors resign and the long-awaited Nasdaq listing vote pulled from the agenda. The stock has more than doubled in the past month and now trades 83% above its 50-day moving average of EUR 5.03, signaling that investors are betting on the company's operational momentum rather than its boardroom drama.

Deputy chairman Tomas Duffy along with founders Erik Fallström and Keith Halsey stepped down just before the June 15 meeting in Stockholm. To fill the vacancies, shareholders elected Joakim Nideborn as new deputy chair and Helena Svancar as a board member. Bami Bastani was confirmed as chairman. Nideborn will take over investor relations – a critical role as the company pursues a US listing – while Svancar brings two decades of M&A experience. The board also adopted a new compensation model: each director receives an annual fee of SEK 1 million, roughly half of which must be used to buy Sivers shares with a one-year lock-up period.

The headline item of the meeting – a vote to authorize up to 53.8 million new shares for a secondary listing on the Nasdaq – was withdrawn at the last minute. That number of shares would have represented dilution of about 15%. Yet the AGM did grant the board a general mandate to issue the same number of shares in the future, via cash, in-kind contributions or set-off of receivables. This gives the newly reconstituted board flexibility to raise capital later without immediate dilution. Three agenda items relating to a new employee incentive plan were also pulled; the new directors will review compensation before a revised plan is presented.

Beneath the governance turmoil, the company quietly secured a convertible loan. Shareholders ratified the board's March 3 decision to take a secured loan of roughly USD 327,000 from lender Bootstrap Europe 4.0. The note carries a 10.85% annual interest rate and matures at the end of 2029 unless converted earlier. The move complements a refinancing completed earlier this year and provides a modest cash cushion as Sivers prepares for a more capital-intensive phase.

The financial restatement required to meet US accounting standards also came into clearer focus. Sivers converted its 2024 and 2025 financials to PCAOB standards, a costly and time-consuming process that uncovered higher historical losses. The net loss for 2025 was restated to SEK 222.6 million, up from the originally reported SEK 186.5 million. First-quarter revenue for 2026 fell 22% year-on-year to SEK 61.9 million, with an adjusted operating loss of SEK 13.8 million. CEO Vickram Vathulya attributed the revenue drop to a US government shutdown in the fourth quarter of 2025 and delayed defense budgets, pushing expected first-half revenues into the second half.

Operationally, the story is far brighter. The company's order pipeline has swelled 77% since the start of the year to USD 799 million. A milestone production contract with British satellite communications firm ALL.SPACE – worth USD 8.2 million for Ka-band beamforming chips, with delivery by 2027 – marks Sivers' first real step into series production. That backlog, combined with the Nasdaq ambition, appears to be the primary driver of the stock's rally.

Meanwhile, legal clouds persist. The Swedish Economic Crime Authority is investigating potential insider trading after details of the Nasdaq plan appeared online before the official announcement in April, with unusual share price gains in the 48 hours prior. Two US law firms are also examining possible securities law violations but have not yet filed lawsuits. A short seller has additionally attacked the company's revenue recognition practices, adding to the scrutiny.

The Nasdaq listing is delayed but not dead. The PCAOB restatement was expensive and laborious – a clear signal that the board remains committed to a US exchange. The next concrete data point comes on August 6, when Sivers releases its second-quarter interim report. Until then, investors are left weighing a boardroom shake-up and a pending insider investigation against a USD 799 million pipeline, a production deal, and a convertible loan that keeps the story alive.