Sivers Semiconductors Bounces on Nasdaq Compliance Progress, but the Bruised Stock Still Bears Deep Scars

Swedish chipmaker's shares surge after outlining revamped reporting for Nasdaq dual listing, yet still trade 61% below 52-week peak amid dilution and auditor concerns.

The Swedish chipmaker’s shares snapped a brutal losing streak on Thursday, climbing 9.66% to €3.95, after management outlined a revamped financial reporting timeline tied to its planned US dual listing. Yet the bounce, while sharp, is a small mercy in a story that has seen the stock shed more than half its value in barely a month.

Sivers is preparing for a secondary listing on the Nasdaq in New York, a move it expects to complete between late 2026 and early 2027. To meet the demanding auditing standards of the PCAOB—the US watchdog that oversees public-company auditors—the company is overhauling its internal controls and shifting its books to US GAAP. As part of that process, publication of the second-quarter results has been pushed back to August 27, with third-quarter numbers now due in late November. The extra time is being used to tighten reporting processes ahead of what CEO Vickram Vathulya has described as the next growth phase.

The stock’s recovery on Thursday was a direct response to that updated calendar, but the lift comes from deeply depressed levels. Even after the rally, Sivers trades 61.39% below its 52-week high of €10.23 set on June 3, and sits 36.48% under its 50-day moving average of €6.22. On a one-month basis, the stock is still down 45.70%, and volatility remains extreme: the 30-day annualized figure stands at 220.92%, with a relative strength index of 36.8—deep in oversold territory.

Two dilutive capital events triggered the sell-off. On July 3, lender Bootstrap Europe converted a $12 million convertible bond into 22,847,044 new ordinary shares, diluting existing holders by roughly 6.4%. Simultaneously, Sivers placed new shares worth nearly 700 million Swedish kronor (12,280,701 shares at 57 SEK each), a deal that was significantly oversubscribed by both new and existing institutional investors. The proceeds were aimed at strengthening the balance sheet and funding growth in AI data centers, satellite communications, and defense—markets where Sivers supplies specialized photonic and wireless components.

Despite the strong demand for the placement, the market has punished the stock. Adding to the pressure, an external auditor raised doubts about the company’s ability to continue as a going concern, and short-seller allegations further soured sentiment. The cumulative effect has been a 52% drop over the past four weeks alone, according to earlier pricing data.

Management has taken steps to reassure investors. Key executives—including Bami Bastani, Karin Raj, Todd Thomson, Vickram Vathulya, and CFO Heine Thorsgaard—have agreed to lock-up arrangements preventing them from selling any shares until July 16, 2026. These are in addition to prior lock-up commitments from earlier capital measures.

Operationally, the picture is mixed. First-quarter revenue fell 22% year over year, which the company attributes to delays in the US defense budget and currency headwinds. On the positive side, the order pipeline has swelled to roughly $800 million, and management expects higher delivery volumes to kick in from 2027. The next real test will come on August 27, when second-quarter earnings are due and the market will want to see whether the Nasdaq ambitions are backed by tangible operating momentum.