Sivers Semiconductors Rebounds 14.6% as Management Locks Up Shares, Yet Nasdaq Delays and a Short-Seller Report Keep Investors on Edge

Sivers Semiconductors shares jump 14.66% to €5.10 after a capital raise, but remain down 39% over the past month. Board resignations, a short-seller report, and a Nasdaq listing on ice add to volatility.

Sivers Semiconductors staged a sharp recovery on Friday, with shares jumping 14.66% to close at 5.10 euros, clawing back some ground after a bruising sell-off triggered by the company's latest capital raise. The bounce marked the first meaningful uptick in weeks for the Swedish photonics and radio frequency chip specialist, which had shed more than half its value from a record high of 10.23 euros set on June 3.

Even with the rebound, the stock remains down nearly 39% over the past month and trades well below its 50-day moving average of 6.16 euros. The annualized 30-day volatility has surged past 210%, underscoring the extreme price swings that have battered the stock. Yet for long-term holders, the picture is still extraordinary: from a 52-week low of 0.27 euros in March, the shares have gained over 1,800%.

The turmoil began when Sivers raised approximately 700 million Swedish kronor through an accelerated bookbuilt placement at a price roughly 10% below the prior closing level. The dilution hit hard — the share count has ballooned to around 320 million — and the stock initially cratered. But institutional demand proved robust, with the order book multiple times oversubscribed. CEO Vickram Vathulya called the placement a clear vote of confidence in the company's growth strategy, which includes investments in artificial intelligence, satellite communications, and defence.

To stabilise sentiment, management imposed a strict lock-up. Vathulya, the chief financial officer, and several board members have agreed not to sell any shares until mid-July 2026. Sivers itself has committed to issuing no new equity for the next 120 days, providing a temporary ceiling on further dilution fears.

Board Exodus and Nasdaq Listing on Ice

The capital raise was not the only seismic event. At the June 15 annual general meeting, the board had planned to seek approval to issue up to 53.8 million new shares — representing roughly 15% dilution — to support a secondary listing on the Nasdaq. But the item was abruptly pulled from the agenda. The new board said it needed time to review the employee compensation programme before re-evaluating the US listing plan.

The meeting itself turned chaotic. Vice-chairman Tomas Duffy, along with founders Erik Fallström and Keith Halsey, resigned shortly before the vote. Shareholders subsequently elected Joakim Nideborn as deputy chairman and Helena Svancar to the board, while Bami Bastani remains chairman. The board received a general mandate to issue a similar number of shares in the future, but no timeline for a Nasdaq debut has been set — the project remains on hold until the board conducts a fresh review.

Short-Seller Attack Adds to the Headwinds

Compounding the turbulence, a short-selling firm named Ningi Research published a report on June 1 alleging that Sivers had potentially overstated its 2025 revenue by at least 97 million Swedish kronor — roughly 31% of the reported annual figure. The report claimed the company had booked revenue from products not yet manufactured and had classified government research subsidies as commercial income. Sivers has yet to issue a detailed public rebuttal.

The financial scars are visible in the numbers. While the order book has swelled by 77% since the start of the year to $799 million, first-quarter 2026 revenue slumped 22% to 61.9 million kronor. Vathulya blamed the US government shutdown in the fourth quarter of 2025 and delayed defence budgets. The adjusted operating result came in at a loss of 13.8 million kronor. A restatement to PCAOB accounting standards for 2024 and 2025 also pushed the net loss for 2025 higher, from an originally reported 186.5 million kronor to 222.6 million kronor.

All Eyes on the August Q2 Report

The next major catalyst arrives on August 6, when Sivers releases its second-quarter earnings report. The market will be watching closely to see whether the fresh capital injection and growing order pipeline can finally translate into revenue growth. For now, the stock sits in a precarious place: a deeply oversold 14-day RSI of 40.3 suggests some relief is possible, but the short-seller allegations, board upheaval, and suspended Nasdaq ambitions leave a long shadow over the recovery.