Sivers Semiconductors Hits Production Milestone as Board Turmoil and Insider Investigation Cast Shadow

Sivers gets £8.2M production order from ALL.SPACE for Ka-band chips, but board resignations, shelved Nasdaq listing vote, and insider-trading probe keep stock rally shaky.

A £8.2 million production order from British satellite communications firm ALL.SPACE has given Sivers Semiconductors its first tangible step toward commercial manufacturing, even as a boardroom exodus, a shelved Nasdaq listing vote, and an ongoing insider-trading probe keep the stock’s dizzying rally on shaky ground.

The order for Ka-band beamforming chips, with delivery scheduled by 2027, underscores a broader operational shift: Sivers’ pipeline has ballooned 77% since the end of 2025 to $799 million. That backlog now includes a partnership with GlobalFoundries to embed Sivers’ laser arrays into a silicon photonics platform aimed at AI chips, a market the company projects will reach $25 billion by 2030. First material revenues from that collaboration are not expected before late 2026.

Yet the upbeat production news sits uneasily alongside the governance crisis that erupted at the company’s annual general meeting in Stockholm on June 15. Just before the meeting, vice-chairman Tomas Duffy and founders Erik Fallström and Keith Halsey resigned from the board. Shareholders elected Joakim Nideborn and Helena Svancar to fill the seats, with Nideborn taking on the deputy chair role and Bami Bastani remaining chairman.

The most explosive item on the agenda never made it to a vote. A proposal to authorize the issuance of up to 53.8 million new shares – representing roughly 15% dilution – for a secondary Nasdaq listing was withdrawn at the last minute. The AGM did, however, approve a general capital mandate for the same number of shares, giving the new board flexibility to raise funds via cash, in-kind contributions, or debt conversion without immediate dilution. Three agenda points related to a new employee share plan were also scrapped, with the incoming directors pledging to review compensation structures before proposing a revised scheme.

Financing already in place was ratified, including a secured convertible bond of roughly $327,000 subscribed by Bootstrap Europe 4.0 S.à r.l. at an annual interest rate of 10.85%, maturing December 31, 2029, unless converted earlier. Board compensation was reset to 1 million Swedish kronor per director per year, with roughly half required to be invested in Sivers shares subject to a one-year lock-up.

Legal clouds, however, remain thick. Sweden’s Economic Crime Authority is investigating suspected insider trading after details of the planned Nasdaq listing appeared online before the official April announcement. The stock posted suspicious gains in the 48 hours preceding the leak. Two US law firms – Rosen Law Firm and Bronstein, Gewirtz & Grossman – are probing potential violations of US securities law but have not yet filed lawsuits. Separately, short seller Ningi Research published a report in early June questioning roughly 31% of Sivers’ reported 2025 revenues, alleging that research grants were booked as commercial income. The company has not publicly responded.

The governance overhaul and legal risks come against a backdrop of already strained quarterly numbers. First-quarter net sales fell 22% to 61.9 million Swedish kronor, with adjusted EBITDA swinging to negative 13.8 million kronor. Sivers blamed the US government shutdown in the fourth quarter of 2025, delayed defense budgets, and unfavorable exchange rates. To prepare for a US listing, the company has also restated 2024 and 2025 financials under PCAOB standards, shifting revenues between periods, correcting inventory valuations, and writing off previously capitalized development costs – adjustments that lifted the 2025 net loss from 186.5 million SEK to 222.6 million SEK.

Despite the turmoil, the stock closed the week at €8.65, down 1.65% on Friday but still up roughly 3% over five days. That marks a more than twentyfold gain from the 52-week low of €0.27 touched in March 2026, though it sits about 15% below the year’s high of €10.23. With annualized 30-day volatility at 236%, such swings have become almost routine.

The next major data point is the interim report due August 6. For now, investors are watching whether the new board can resolve the legal overhang – and whether the swelling pipeline will finally translate into the kind of revenue that justifies a stock price that has left penny-stock territory far behind.