Sivers Semiconductors Faces a Pivotal May as Capital Raise, Audit Delay and New Deal Converge

Swedish chipmaker Sivers Semiconductors navigates a delayed annual report, shareholder vote on equity raise, and new $1.5M deal, as short positions hit 6.43% and a regulatory probe continues.

A flurry of corporate events is set to test investor patience with Sivers Semiconductors this month, as the Swedish chipmaker juggles a delayed annual report, a shareholder vote on fresh equity, and a new development contract — all while short sellers circle and a regulatory probe grinds on.

The latest piece of positive news came on 6 May, when Sivers announced a $1.5 million development partnership with Tachyon Networks to build a 60-GHz mmWave transceiver for the fixed wireless access market. The deal builds on an earlier production order worth roughly $3 million for 28-GHz antenna modules using Sivers’ beamforming transceiver, the TRB02801. Harish Krishnaswamy, managing director of Sivers’ wireless business, described the move into 60 GHz as a “faster, lower-risk path to scalable mmWave deployment.” Tachyon CEO Hal Bledsoe said the collaboration now offers a clear route to deployments in both frequency bands.

But the contract lands in a period of intense operational and regulatory pressure. On 11 May, shareholders will vote at an extraordinary general meeting on a proposed capital raise of around 125 million Swedish kronor before costs. The board is seeking approval to issue 8.62 million new shares at 14.50 kronor each, representing a dilution of roughly 2.5% on a fully diluted basis. Three institutional investors — DNB Disruptive Opportunities, DNB Nordic Small Cap and Storebrand Sverigefond — have already committed to participate. CEO Vickram Vathulya described them as a “strong, focused group” that would help accelerate product development and customer growth.

The annual report for 2025, originally due on 27 April, has been pushed back to 15 May. The delay stems from an ongoing audit by a firm accredited under US PCAOB standards — a direct consequence of Sivers’ plan, announced on 16 April, to pursue a secondary listing on the Nasdaq New York. To comply, the group must restate its consolidated accounts for both 2024 and 2025. Potential adjustments relate to revenue recognition, inventory valuation and share option programmes, though management insists none will materially affect the company’s financial position. As a result of the delay, the annual general meeting has also been postponed from 27 May to 15 June.

First-quarter results for 2026 are scheduled for 20 May, meaning investors must digest three major information events — the EGM vote, the delayed annual report and the quarterly numbers — in just nine days.

The valuation remains a flashpoint. Sivers trades at a price-to-sales multiple of 31.1, far above the European industry average of 4.1 and well ahead of the peer median of 17.5. Revenue rose by roughly a quarter to just over 304 million kronor last year, but the company still posted a net loss of around 186 million kronor.

Short sellers have taken note. Reported short positions total 6.43% of outstanding shares. Voleon Capital Management recently crossed the European disclosure threshold of 0.5% with a net short position of 0.53%.

Adding to the uncertainty, Sweden’s Economic Crime Authority is investigating whether confidential information about the planned Nasdaq listing leaked before the official announcement in April. The probe remains ongoing.

By mid-June, the EGM outcome, the Q1 figures and the audited annual report will all be in hand. Whether they can justify the lofty valuation — and convince shareholders to back the dual-listing plan — will become clear at the rescheduled AGM on 15 June.