Sivers Semiconductors: From Photonics Euphoria to a Shareholder Showdown

After a 34% plunge triggered by a short-seller attack, insider sales, and a criminal probe, Sivers' annual meeting becomes a referendum on leadership and its US expansion.

The next big moment for Sivers Semiconductors arrives on June 15 in Stockholm, when shareholders gather for an annual meeting that was already shaping up as a pivotal event. Then came a week that rattled even the most seasoned investors — a 52-week high of €10.23, followed by a 34% plunge in just two days. The vote has become a referendum on trust, capital discipline, and the company's ambitious push into US capital markets.

When trading closed on Friday, the stock sat at €6.70, down 15.79% on the day. Despite that wipeout, the equity is still up 43.98% over the past month, reflecting the explosive expectations that have built around its silicon photonics technology and AI infrastructure play. The problem is that a single week brought together a short-seller attack, insider divestments, a criminal probe, and a brutal margin squeeze — all while the company’s biggest strategic partnership, with GlobalFoundries, had barely settled.

A convergence of pressure points

The selloff had multiple triggers. On Thursday, fund manager Richard Bråse of Protean Aktiesparfond Norden went on Swedish television and described Sivers’ management as "completely unserious," accusing them of driving the stock with "unrealistic press releases." That same day, short seller Ningi Research published allegations that roughly 31% of Sivers’ reported 2025 revenue stemmed from questionable accounting — a claim the company has not yet addressed publicly.

Compounding the damage, Harish Krishnaswamy, head of the wireless business, liquidated his entire stake worth about SEK 100 million. Institutional investor Cicero Fonder also exited, selling its 5.75 million shares in a move that erased around SEK 452 million in market value. The short interest ballooned to 17% of free float from just 1.6% in March, and Nordea raised margin requirements on leveraged certificates to over 228%.

The Swedish Economic Crime Authority is now investigating a suspected leak: the stock surged roughly 48 hours before the official announcement of a planned Nasdaq New York secondary listing. Prosecutor Jonas Myrdal called the price pattern "striking" and reminiscent of earlier pump-and-dump schemes.

A deal that lifted, then gave way

The partnership with GlobalFoundries, unveiled on June 2, had briefly sent the stock flying. Sivers’ laser arrays will support the foundry’s silicon photonics platform for AI infrastructure — a market the company sees growing to $25 billion by 2030 on pluggable optics alone. But the announcement contained no financial projections, and analysts at Redeye, who have a €6.20 price target on the stock, called it “positive but not a game-changer.”

The first-quarter results released just before the deal added to the cautionary tone. Revenue fell 22% to SEK 61.9 million, hurt by delays in US defence budgets and unfavourable exchange rates. Adjusted EBITDA came in at minus SEK 13.8 million, while operating cash flow was negative SEK 49.2 million. The bright spot: the opportunity pipeline surged 77% to $799 million since January, and management is sticking to its 2026 revenue growth forecast, with a long-term compound annual growth rate of 25% to 30% starting in 2027.

The AGM agenda: dilution, debt, and governance

The June 15 meeting carries weight beyond routine approvals. The board is seeking authority to issue up to 53.8 million new shares — a potential dilution of roughly 15% — for organic growth, acquisitions, and the Nasdaq secondary listing. That vote comes on top of an existing financing facility with Bootstrap Europe, struck on February 24, worth $17.0 million, including a $12.0 million secured convertible loan at 10.85% interest maturing on December 31, 2029. A $327,072 portion of that loan still requires shareholder ratification.

A separate proposal covers a long-term incentive programme (P11) for up to 7 million stock options, representing about 2.0% on a fully diluted basis, aimed at employees in the US, Scotland, Sweden, and India — but not external board members. No dividend is planned for fiscal 2025; the company intends to retain all distributable funds to preserve financial flexibility.

The board also faces a shake-up. Incumbents Bami Bastani (chair), Karin Raj, and Todd Thomson are up for re-election, while Joakim Nideborn and Helena Svancar have been nominated as new members. Nideborn would become deputy chair; Tomas Duffy, Erik Fällström, and Keith Halsey are stepping down.

What the vote reveals

The AGM was postponed to June to allow Sivers to complete its US GAAP review — a prerequisite for a dual listing in New York. That process has already forced restatements of the 2024 and 2025 balance sheets, revealing deeper losses than previously reported.

More than 319.9 million shares were outstanding as of May 14, with 306.6 million voting rights. Own shares and Series C stock cannot be voted. The deadline to register for the meeting is June 9.

When the votes are counted, investors will have a clearer picture of how much room Sivers has to navigate its dual challenge: proving the credibility of its business model on one side, and funding growth without destroying existing shareholders on the other. The stock’s annualized volatility of 247% suggests the market is not yet betting on a smooth ride.