Sivers Semiconductors: Insider Investigation and Short-Seller Claims Overshadow AGM as Stock Surges 3,000%

Amid insider trading probe and short-seller report, Sivers shareholders approve 15% dilution for AI and photonics, while board overhaul and revenue drop contrast with surging order pipeline.

An insider trading probe, a disputed short-seller report, and a wave of board departures provided an uneasy backdrop for Sivers Semiconductors’ annual general meeting in Stockholm on Monday. The high-stakes gathering drew attention not only for the dramatic stock rally that preceded it — from a 52-week low of €0.27 in March to nearly €9 — but also for the decisions investors made about the company’s future capital structure and leadership.

Shareholders approved a significant capital increase, authorising up to 53.8 million new shares, representing a dilution of roughly 15%. The proceeds are earmarked for artificial intelligence, photonics, and potential acquisitions. A convertible note with Luxembourg-based Bootstrap Europe 4.0 S.à r.l was also ratified, worth approximately $327,000 at a 10.85% interest rate and maturing at the end of 2029. No dividend will be paid for 2025, a move that came as little surprise given the company’s deepening losses.

The board itself underwent a partial overhaul. Bami Bastani remains chairman, joined by Joakim Nideborn as deputy chair and Helena Svancar as a new member, while Karin Raj and Todd Thomson were re-elected. The departures of former vice-chair Tomas Duffy and founding investors Erik Fallström and Keith Halsey follow an ongoing investigation by Swedish prosecutors into suspected insider trading. A separate report from short-seller Ningi Research, published in early June, challenged about 31% of Sivers’ reported 2025 revenue, alleging that research grants were booked as commercial income. The company has yet to issue a public rebuttal.

Despite the governance turmoil, the operational picture shows a sharp split. Revenue fell 22% to 61.9 million Swedish kronor, partly blamed on the fourth-quarter 2025 US government shutdown and unfavourable currency effects. Historical losses were also restated higher after the company switched to US PCAOB accounting standards in preparation for a Nasdaq listing, with the net deficit for 2025 rising from SEK186.5 million to SEK222.6 million. On the other hand, the order pipeline surged 77% since the start of the year to $799 million. A production contract with British satellite communications firm ALL.SPACE worth $8.2 million signals a transition from development to series manufacturing, with deliveries running through 2027.

The company also highlighted a partnership with GlobalFoundries to integrate its laser arrays into the US chipmaker’s silicon photonics platform for AI applications. Management pegs that addressable market at $25 billion by 2030, with meaningful revenue expected around late 2026. In addition, the board opted to shelve three proposed employee incentive programmes (agenda points 14 to 16), saying the newly constituted board wants to craft its own, more comprehensive plan for a future shareholder vote.

On Tuesday, the stock advanced further. One report recorded a near 7% gain to €8.86, while another put the rise at 6.45% to €8.83. Either way, the shares have more than doubled over the past 30 days and stand roughly 3,000% above the March trough. The 52-week high of €10.23, set in early June, remains about 14% away. The relative strength index sits at 62.6 — elevated but not yet in overbought territory. The annualised volatility of over 240% underscores the extraordinary swings that have characterised the stock.

Investors will now look to the second-quarter interim report, due in August, for the next concrete data point. For now, the combination of a swelling pipeline, a contentious short-seller attack, an insider probe, and a capital raise leaves Sivers at a crossroads — with the Nasdaq listing still on the horizon but the immediate path anything but smooth.