Sivers Semiconductors Braces for Pivotal AGM as Insider Exodus and Short-Seller Probe Battle Sector Momentum

Swedish prosecutors investigate suspected insider trading; short seller alleges dubious revenue; board resignations; stock surges 55% despite insider selling.

Shareholders in Sivers Semiconductors head into a June 15 extraordinary general meeting with an unusually heavy agenda — and an equally heavy dose of uncertainty. The vote will decide on a Nasdaq dual listing, a capital raise of up to 53.8 million new shares (representing roughly 15% dilution), and a stock option programme covering 7 million shares. But the backdrop could hardly be more charged: Swedish prosecutors are investigating suspected insider trading, a prominent short seller has attacked the company’s revenue recognition, and three board members have resigned, including Vice Chairman Tomas Duffy and founding investors Erik Fallström and Keith Halsey.

The probe centres on an anonymous X account that posted precise details of the planned US listing roughly 48 hours before the official announcement. The stock surged in that window. State prosecutor Jonas Myrdal has called the timing “striking,” drawing parallels to earlier pump-and-dump cases, and has asked Nasdaq to examine the episode under the EU Market Abuse Regulation. Sweden’s Economic Crime Authority and financial regulator are both involved, though no violations have been confirmed.

Just weeks earlier, on June 1, research firm Ningi Research published a report titled “Dubious Revenue Accounting, Hollow Customer Contracts, and Broken Promises.” The firm alleges that at least 97 million Swedish kronor — roughly 31% of Sivers’ stated 2025 revenue — is questionable, arguing the company booked revenue from products not yet manufactured and passed off government research subsidies as commercial income. The report also cites a Nvidia engineer who claims Sivers is failing to enter the Nvidia ecosystem because its products cannot compete with Lumentum or Coherent. Production partner WIN Semi is said to have told investors that manufacturing of InP laser diodes is not running due to “very low” reliability of Sivers lasers. Two US law firms have already opened investigations on behalf of shareholders.

Insider activity tells a stark story. Harish Krishnaswamy, head of the wireless business, sold his entire holding of 1.39 million shares at 71.36 kronor each on May 29 — a complete exit. Cornerstone investor Cicero Fonder offloaded 5.75 million shares and held zero as of May 31. Not a single insider has bought shares in the past three months; all reported transactions were sales.

Yet the stock has staged a dramatic rally. Over the past 30 days, Sivers shares have surged roughly 55%, closing recently at €7.75 — still about 24% below the 52-week high of €10.23 reached on June 3. The annualised 30-day volatility stands at nearly 250%, extraordinary for a European technology stock. The rally has been fuelled by both company-specific catalysts and a powerful sector tailwind. The Philadelphia Semiconductor Index posted its largest single-day gain since April 2025 on Thursday, rising 7.91%, with Intel, Arm, and AMD all climbing sharply.

Sivers added its own fuel on June 2 with the announcement of a cooperation with GlobalFoundries to develop silicon photonics solutions for AI infrastructure. The plan is to integrate laser arrays into reference designs on the GlobalFoundries platform for optical interconnect architectures in data centres. This was followed by an $8.2 million production order from ALL.SPACE for multi-beam beamforming chips in the Ka-band, with deliveries stretching through 2027. The chips target next-generation satellite terminals for both defence and commercial use.

The financials, however, remain under strain. First-quarter 2026 revenue fell 22% to 61.9 million kronor, while the adjusted EBITDA loss came in at minus 13.8 million kronor. Management points to the US government shutdown in Q4 2025 and unfavourable exchange rates. The opportunity pipeline nonetheless grew 77% sequentially to $799 million, and the company is sticking to its annual forecast that the bulk of growth will arrive in the second half. Longer term, Sivers targets annual growth of 25–30% from 2027.

The Nasdaq dual listing itself has already prompted accounting adjustments. Sivers has restated its 2024 and 2025 financials to PCAOB standards, reclassifying revenue between periods, revaluing inventories, and writing off previously capitalised development costs — moves that come as the short seller’s revenue-recognition allegations are still fresh.

The next milestone after the AGM will be the interim report on August 6. By then, shareholders will know whether the criminal investigation has yielded new findings — and whether management can counter the short seller’s claims with hard numbers. Until that point, the stock remains caught between a sector uplift and a very public crisis of confidence.