Sivers Semiconductors: Borrowing Costs Hit 228% as Class Actions and Nasdaq Vote Create Crosscurrents

Shareholders face Tuesday deadline to vote on secondary Nasdaq listing as stock surges 41% in short squeeze, with class-action threats and accounting concerns looming.

A high-stakes proxy deadline looms Tuesday evening for Sivers Semiconductors shareholders, who must submit their votes ahead of the June 15 annual general meeting. The AGM will decide whether to approve a secondary listing on the Nasdaq New York — a move that could open the door to deeper U.S. capital markets. But the vote arrives amid a perfect storm of a punishing short squeeze, class-action threats, and lingering questions about the company's accounting practices.

The squeeze has been driven by a dramatic tightening in the securities lending market. Nordea has jacked up base borrowing rates on Sivers stock to as much as 228.5% in some cases, citing thin liquidity in the lendable supply. That has forced short sellers who piled in after Ningi Research published a scathing report on June 1 to cover their positions, fueling a 41% rally over the past seven days. The stock now trades at €7.87, nearly 20 times its March 2026 trough of €0.27, while the 30-day annualized volatility has hit 250%.

The Ningi report alleged aggressive revenue recognition, violations of International Financial Reporting Standards, and weak evidence for customer contracts — claims that quickly drew the attention of U.S. plaintiff law firms. Rosen Law Firm announced a class action on the same day the report surfaced, and Bronstein, Gewirtz & Grossman followed suit on June 5 with its own investigation into possible securities law violations. Neither firm has filed a formal complaint yet, but the announcements underscore the legal overhang Sivers now faces.

The company's first-quarter results for the period ended March 2026 did little to calm nerves. Revenue fell to SEK 61.9 million from SEK 78.9 million a year earlier, and adjusted EBITDA landed at negative SEK 13.8 million. Management blamed the decline on the U.S. government shutdown in late 2025 and currency headwinds. On the positive side, the pipeline jumped 77% to $799 million, and Sivers reiterated that it continues to explore a dual listing on the Nasdaq.

That listing ambition received a boost on June 2 when Sivers announced a partnership with GlobalFoundries to develop silicon photonics solutions for AI infrastructure — a market projected to reach $25 billion by 2030. The company has already had its financial statements for 2024 and 2025 audited under PCAOB standards, a prerequisite for any U.S. exchange.

Not all signals have been bullish. Harish Krishnaswamy, managing director of Sivers Wireless, sold roughly 1.39 million shares in late May for total proceeds of SEK 99.5 million. The market has largely shrugged off the insider sale, but it adds another layer of risk for investors weighing the potential dilution from a Nasdaq listing against the prospect of a higher valuation.

The 14-day relative strength index stands at 60.7, suggesting the rally still has room to run before overheating. Yet with the stock trading 23% below its 52-week high of €10.23, hit just on June 3, the path ahead depends heavily on how management answers the boardroom questions at the AGM. Shareholders will be looking for concrete updates on revenue recognition methods, customer milestones, and the timeline for volume production in silicon photonics — and whether the credibility gap opened by the short seller can be closed before the next chapter begins.