Sivers Semiconductors: Insider Purchases and Capital Moves Converge as Nasdaq Listing Nears

CEO and board members invest nearly $100,000 as stock falls 39% in a month, with lock-up expiry and capital raising adding uncertainty.

The sharp sell-off in Sivers Semiconductors’ stock has yet to deter its top executives. On 9 July, CEO Vickram Vathulya and three board members opened their wallets, collectively spending close to $100,000 on company equity. The timing is striking: the Swedish photonics and wireless chipmaker has just lost nearly 39% of its value in one month, and its shares closed at €4.25 on Friday — a 58.5% discount to the 52-week high of €10.23 touched on 3 June.

Vathulya bought 24,000 shares at $4.11 apiece, for a total of roughly $98,640. Board members Karin Raj, Helena Svancar and Todd Thomson also stepped in, investing €41,800, €41,800 and just over €45,000 respectively at prices ranging from €3.14 to €3.78. The purchases come with a one-year lock-up, meaning these insiders cannot sell before 2027.

That backdrop makes the insider buying a notable counterpoint to a stock that has fallen 18.27% in the past week and sits 31.7% below its 50-day moving average of €6.23. The relative strength index stands at 39.2 — near oversold territory but not yet flashing an extreme buy signal.

Capital operations overshadow the trading floor

Even as insiders accumulate, Sivers has been reshaping its balance sheet in ways that dilute existing holders. Lenders at Bootstrap Europe converted a $12 million loan into equity, creating 22.85 million new shares and diluting the shareholder base by roughly 6.4%. Separately, the board approved a directed share issue of 12.28 million shares at SEK 57 each, raising about SEK 700 million through an accelerated bookbuild that was markedly oversubscribed by Swedish and international institutional investors.

Neither move has cheered the market. The annualised volatility has spiked to 222%, while some observers point to growing auditor concerns about the company’s ability to continue as a going concern — worries that short-seller allegations have only amplified.

A lock-up expiry and a new financial calendar

A critical date approaches: 16 July, when lock-up agreements expire for CEO Vathulya, CFO Heine Thorsgaard, and board members Bami Bastani, Karin Raj and Todd Thomson. Several of these individuals have recently bought shares rather than prepared to sell, which supporters interpret as a vote of confidence just before the restriction lifts.

Alongside the insider activity, Sivers has redrawn its earnings timetable. The second-quarter 2026 report shifts to 27 August, the third quarter to 26 November, and the fourth quarter to 25 February 2027. Management explains the delay as necessary to align with PCAOB auditing standards — a prerequisite for a potential secondary listing in New York, possibly on the Nasdaq.

The shift reflects a broader corporate push into markets such as AI data centres, satellite communications and defence, where Sivers’ photonic and radio-frequency technologies are already positioned. But the near-term picture remains messy: the stock’s relentless volatility, the upcoming lock-up expiry, and lingering doubts about financial viability mean investors will have little clarity until at least the end of August, when the next quarterly report is due.