Sivers Semiconductors Shares Plunge 40% in Month as Nasdaq Dual-Listing Overhaul Adds to Headwinds

Swedish tech firm Sivers Semiconductors faces steep sell-off after capital raise and auditor doubts, delays Q2 report for Nasdaq US listing compliance.

Sivers Semiconductors is navigating a punishing stretch. The Swedish photonics and wireless specialist has laid out an ambitious timetable for a second listing on the Nasdaq New York, but the share price has been gutted by a confluence of dilution, short-seller attacks and governance doubts. After a small bounce to €4.32 on Friday, the stock still sits roughly 40% below where it traded a month ago, with a staggering annualised volatility of over 223% underscoring how jittery the market has become.

The most immediate causes of the sell-off are easy to spot. Sivers recently raised fresh capital and converted a dollar-denominated loan into equity, reducing its debt burden but flooding the market with nearly 23 million new shares. That dilution has spooked investors. On top of that, an auditor has flagged doubts about the company’s ability to continue as a going concern, while short-sellers have levelled serious accusations that have further eroded confidence. A lock-up period for management expires on 16 July, meaning CEO Vickram Vathulya and other executives are free to sell their own holdings from that date – an overhang that is keeping traders on edge.

Against this turmoil, the company has pushed back the release of its second-quarter report to 27 August – the second such delay this year. The move is tied directly to its US ambitions. Sivers is aligning its internal controls and reporting processes with the standards of the Public Company Accounting Oversight Board (PCAOB), a prerequisite for any firm listing on a US exchange. CEO Vathulya stressed that clean, transparent financial processes are critical as the company scales and executes its long-term strategy. The rest of the 2026 calendar has also been shifted: the third-quarter report will land on 26 November, and the full-year numbers for 2026 are due on 25 February 2027.

The stock’s technical picture reflects the deep malaise. From its record high of €10.23 reached on 3 June, the share price has fallen 57.73%. The 50-day moving average stands at €6.23, well above the current level, and the relative strength index of 39.8 suggests the stock is not yet in oversold territory. Yet the comparison with the 52-week low of €0.27 from 3 March tells a sobering story of extremes: the shares have still multiplied more than fifteenfold from that nadir, a testament to the violent swings that have characterised Sivers’ trading in recent months.

Sivers is positioning its wireless and photonics divisions in fast-growth markets such as AI data centres, satellite communications, defence and telecoms. The hope is that tougher accounting standards will build the credibility needed to attract a broader base of international investors once the Nasdaq listing – targeted around the turn of the year – is completed. But the immediate test comes with the delayed second-quarter report on 27 August. If those numbers fail to show tangible operating progress, the effect of the balance-sheet clean-up will quickly dissipate, and the dream of a US exchange debut could recede even further.