Sivers Semiconductors Directors Buy Ahead of Lock-Up Expiry, Pinning Hopes on US Listing and Restructuring

Sivers insiders bought shares before lock-up expiry, locking them 12 months. Stock fell 54% in a month amid dilution, auditor warnings, short-seller attacks. US listing planned.

The board of Sivers Semiconductors has loaded up on company stock just days before a management lock-up period ends—a move that insiders typically reserve for moments of deepest conviction. Five directors and the chief executive completed purchases on July 13, locking their new shares into a 12-month holding period even as the company’s equity has shed more than half its value in a single month.

Bami Bastani, Karin Raj, Helena Svancar, Todd Thomson and Joakim Nideborn, together with CEO Vickram Vathulya, acquired the shares under authority granted at the annual general meeting in June. The mandatory one-year lock-up is part of a policy designed to align management’s interests with shareholders during a period of sweeping change. Notably, the timing coincides with the expiry of a separate management lock-up on July 16, when insiders would normally be free to sell. Instead, they are adding positions.

The stock closed at €3.73 on Monday, 63.54% below its 2026 high of €10.23 reached on June 3. Over the past 30 days the share price has tumbled 54.79%, though the pace of decline slowed to just 0.53% in the last week. A 14-day relative strength index of 36.4 suggests oversold conditions, while annualized 30-day volatility of 153.6% underscores the market’s jittery mood. Yet despite the rout, the stock still trades 1,315.85% above its 52-week low of €0.27 recorded in March, reflecting the extreme amplitude of recent swings.

The brutal sell-off has been driven by a trio of pressures: dilution fears from back-to-back capital measures, auditor doubts about the company’s ability to continue as a going concern, and allegations from short sellers. In early July, Sivers completed a directed share issue worth roughly 700 million Swedish kronor and saw lender Bootstrap Europe IV SCSp convert a $12 million credit line into approximately 22.8 million new shares. Both moves reduce debt and strengthen the balance sheet ahead of a planned dual listing on the Nasdaq, but they also chip away at existing shareholders’ stakes.

Adding to the uncertainty, Sivers has postponed its second-quarter 2026 earnings release for the second time this year. The new date is August 27. Management says the delay is necessary to align internal reporting with the stricter standards of the US Public Company Accounting Oversight Board, a prerequisite for the New York listing expected around the turn of the year. The company has already switched its accounting to US GAAP.

The insider buying, then, lands at a juncture where any sign of management confidence carries outsized weight. Supporters read it as a deliberate vote of faith in the turnaround story and the US listing trajectory, especially since the executives could have waited for the lock-up to clear before transacting. Skeptics counter that the persistent overhang from auditor warnings and short-seller attacks, combined with further dilution risk, may overwhelm any signal from the boardroom.

The coming weeks will test which interpretation holds. The end of the lock-up period on July 16 removes one technical constraint, and the delayed quarterly report on August 27 should shed light on whether the capital restructuring is translating into operational traction. Until then, the stock remains caught between a management team betting its own money—and a market that has yet to be convinced.