Sivers Semiconductors Rocked by Short-Seller Allegations and Board Exodus After €62M Capital Raise

Sivers Semiconductors swings violently after €62M capital raise, a failed Nasdaq listing, a short-seller attack, and board resignations, while order backlog surges 77%.

The tale of Sivers Semiconductors this week has been one of extreme swings, but the real drama extends far beyond the stock price. While shareholders endured a stomach-churning 18.39% rout on Thursday followed by a 16.91% recovery to 5.20 euros on Friday, the underlying story is a tangled mix of a €62m capital injection, a failed Nasdaq listing, a short-seller attack, and a boardroom shake-up.

The capital raise itself was the trigger for the volatility. Sivers placed 12.3 million new shares at 57 Swedish kronor each — a 9.7% discount to the prior market price — raising roughly 700 million kronor (€62m). The dilution hit hard on Thursday, but by Friday investors appeared to refocus on the long-term rationale: scaling production of indium-phosphide lasers for AI data centers, satellite communications, and LiDAR applications. Chief executive Vickram Vathulya has framed the fundraising as essential to capturing a wave of demand tied to global AI infrastructure buildout.

Yet the stock market’s whipsaw masks deeper troubles. The company’s ambition to secure a secondary listing on the Nasdaq in New York hit a roadblock at the annual general meeting on June 15. The board had intended to seek approval for up to 53.8 million new shares — a roughly 15% dilution — to facilitate the US listing, but pulled the item at the last minute, saying new directors needed time to review employee compensation programs. No new timetable has been set, leaving the Nasdaq plan in limbo.

That AGM turned into a stormy affair. Just beforehand, vice-chairman Tomas Duffy and founders Erik Fallström and Keith Halsey resigned from the board. Shareholders elected Joakim Nideborn as deputy chairman and Helena Svancar as a director. Chairman Bami Bastani remains in place, while the board received a broad mandate to issue a comparable number of shares in future for cash, contributions in kind, or set-off — but not for the Nasdaq listing.

Adding to the pressure, short-seller Ningi Research published a report on June 1 alleging that at least 97 million kronor of Sivers’ 2025 revenues — around 31% of the annual total — were improperly recognized. The firm claims the company booked revenue from products not yet produced and classified government research subsidies as commercial income. The company has yet to issue a detailed public rebuttal.

The financials themselves paint a mixed picture. For the first quarter of 2026, revenue slid 22% to 61.9 million kronor. Vathulya blamed the US government shutdown in late 2025 and delayed defense budgets. Adjusted operating losses came in at 13.8 million kronor. A switch to PCAOB accounting standards for 2024 and 2025 forced a restatement: the net loss for 2025 was revised upward to 222.6 million kronor from a previously reported 186.5 million.

On the positive side, Sivers’ order backlog has surged 77% since the start of the year to $799m. Analyst firm Redeye raised its price target to 68 kronor after the capital raise, implying significant upside from the current share level. Technically, the stock remains 49.17% below its 52-week high of €10.23 set on June 3, and the 50-day moving average of €6.16 still sits well above Friday’s close. The 14-day relative strength index at 41.0 shows a neutral reading, not oversold, while annualized 30-day volatility remains extreme at 211.80%.

An existing lock-up from an April placement had to be waived to complete the new financing, but insider participants in the latest round are now subject to a 120-day lock-up. Regulatory investigations are also said to be ongoing, with no conclusion yet.

The next major test arrives on August 6, when Sivers reports second-quarter results. With fresh capital in hand, a growing order book, and a board in flux, the market will be watching to see whether the laser-focused strategy can finally translate into revenue growth.