Sivers Semiconductors: Board Exodus, Short-Seller Attack, and the Nasdaq Listing That Never Came to a Vote

Three directors resigned, Nasdaq listing vote withdrawn, yet Sivers stock surged 92% in 30 days amid board reshuffle and bond approval.

The annual shareholder meeting of Sivers Semiconductors was always going to be a defining moment for the Swedish chip company. What actually unfolded in Stockholm on June 15 went far beyond the usual AGM script: three board members resigned just before the gathering, a proposal to list on Nasdaq was pulled at the last minute, and the stock — despite all the drama — has still managed to more than double from the panic lows hit two months ago. The shares closed the session at €8.04, down 4%, but have since clawed back to €8.29, a 92% gain over the past 30 days. The 52-week range tells the full story of vertigo: a low of €0.27 in early March and a peak of €10.23 earlier this month, with annualized volatility clocking in at 243%.

A Board Reshuffle and a $327,000 Bond

Three directors — former deputy chairman Tomas Duffy together with founding investors Erik Fallström and Keith Halsey — stepped down shortly before the meeting, leaving the board with gaps that were filled by the election of Joakim Nideborn and Helena Svancar. Bami Bastani remains chairman, and Nideborn takes the role of deputy chairman. Karin Raj and Todd Thomson were re-elected, and Deloitte AB stays on as auditor.

Compensation for the new-look board was approved as a two-tier structure: annual fees stand at 1,050,000 Swedish kronor for the chairman, 600,000 kronor for the deputy, and 350,000 kronor for each other member. On top of that, each director receives an equity participation award of 1,000,000 kronor, roughly half of which must be used to purchase Sivers shares held under a one-year lock?up. A proposed employee incentive plan was withdrawn so the new directors can review it first.

Shareholders also ratified a convertible bond issued in March. Bootstrap Europe 4.0 S.à r.l. subscribed to 622,719 bonds at a nominal value of 4.77 kronor each, totalling about $327,000. The bond carries a 10.85% annual coupon and matures on December 31, 2029. It sits inside a broader refinancing that Sivers put in place earlier this year: a $5 million term loan and a $12 million convertible loan.

The Nasdaq Plan That Vanished

The most hotly anticipated item — a shareholder vote to authorise up to 53.8 million new shares, representing a 15% dilution, to fund a US listing and expansion into AI, photonics, and acquisition — never reached the floor. The board withdrew the proposal before ballots were cast. The company stressed that preparations for a Nasdaq listing continue: financial reports for 2024 and 2025 have already been converted to the US PCAOB accounting standard, though that switch uncovered deeper historical losses. The net loss for 2025 was restated from 186.5 million kronor to 222.6 million kronor.

Despite the withdrawal, a separate capital authorisation appears to have been approved. Documents show shareholders granted the board a mandate to issue up to roughly 53.8 million new shares in the future — the same number originally tied to the Nasdaq plan — via cash, contributions in kind, or offset of claims. This provides Sivers with flexibility to raise equity later, but without the immediate dilution that a US listing would have triggered.

A Pipeline That’s Growing — But a Top Line That’s Not

First?quarter 2026 revenue came in at 61.9 million kronor, a 22% drop year?on?year, with Sivers blaming delays in the US defence budget and unfavourable currency effects. The order book, however, tells a more promising story. The UK satellite?communications provider ALL.SPACE placed an $8.2 million order for Ka?band beamforming chips, marking the company’s first meaningful production run in its history. Deliveries are scheduled through 2027.

A separate partnership with GlobalFoundries will integrate Sivers’ laser arrays into a silicon photonics platform for AI chips — a market the company estimates at $25 billion by 2030, with initial revenue expected toward the end of this year.

Short Sellers, Insider Probes, and the Stock That Won’t Stop Climbing

Early June brought a report from Ningi Research, a short seller, that questioned roughly 31% of Sivers’ reported 2025 revenue, alleging that research grants had been booked as commercial income. Sivers has not yet issued a public response. At the same time, Swedish prosecutors are investigating potential insider trading after an anonymous X account published precise details of the planned US listing about 48 hours before the official announcement.

None of this has deterred momentum traders. Passive index funds have increased their combined holding from 3.1% to 5.9% of the equity. The stock’s 91.75% one?month rise has been fuelled by a combination of short?covering and retail enthusiasm, pushing the price to more than thirty times the 52?week low. The next scheduled catalyst is the second?quarter interim report, due on August 6. Investors will be watching whether the operational narrative can keep pace with the share price’s gravity?defying trajectory.