Sivers Semiconductors Strengthens Institutional Backing and Tachyon Ties as Nasdaq Listing Nears

Swedish chipmaker Sivers Semiconductors gains shareholder approval for a $14M capital raise to fund Tachyon partnership and a Nasdaq listing, despite legal probe and thin cash reserves.

The Swedish chip developer Sivers Semiconductors enters a defining stretch this spring, having secured shareholder approval for a targeted capital increase that simultaneously bolsters its wireless technology partnership and paves the way for a US stock exchange listing. The move comes at a moment of intense market interest — the stock has surged more than 1,000 percent since the start of 2025 — but also brings heightened scrutiny from regulators and investors alike.

An extraordinary general meeting on Monday cleared the issuance of 8.62 million new shares at 14.50 Swedish kronor apiece, translating to roughly 125 million kronor in fresh equity. The placement is reserved for institutional investors, with names including DNB Disruptive Opportunities, DNB Nordic Small Cap, Storebrand Sverigefond, Alcur Fonder, Atlant Fonder, Cicero Fonder, Hudson Bay Capital Management and Waterside AM already identified. As a sign of confidence, the company's board and management have agreed to lock up their own shares for 90 days.

Dual Purpose: Tachyon Partnership and American Ambitions

Roughly 1.5 million US dollars from the proceeds will flow into the existing collaboration with Tachyon Networks, focusing on 60 GHz mmWave transceivers for fixed-wireless-access applications. These components target markets where high data throughput and reliable radio links are critical, giving Sivers a chance to deepen its footprint in specialised semiconductor niches.

The remainder supports preparations for a secondary listing on the Nasdaq in the United States. Management sees a US quotation as essential for attracting American tech investors and improving access to capital-market-oriented chip investors. However, the transition requires Sivers to align its financial reporting with the standards of the Public Company Accounting Oversight Board, a step that has already reshuffled the corporate calendar.

Calendar Reshuffle and the May 15 Test

The annual report for 2025 is now scheduled for release on 15 May, followed just five days later by the first-quarter numbers. The ordinary general meeting has been pushed back to 15 June. According to the board, the accounting adjustments will not materially affect the financial position.

The market’s reaction to the capital increase was immediate: the stock jumped nearly 14 percent in Stockholm to close at 49.50 kronor. Yet that valuation sits at roughly 31 times annual sales, nearly double that of comparable peers. With cash reserves of only 43 million kronor at the end of 2025 and a net loss of 186.5 million kronor, the company’s financial buffer remains slender.

Legal Risks and Major Shareholder Uncertainty

Beyond the numbers, a criminal probe by the Swedish Economic Crime Authority casts a shadow. Authorities are investigating whether details about the Nasdaq plans leaked prematurely — a violation that could delay the US listing. Separately, major shareholder Achilles Capital is restructuring its portfolio, and any sale of its Sivers stake would add further selling pressure.

The published annual report on 15 May will serve as the first genuine stress test for the stock. Should the audited figures disappoint, the rich valuation premium could evaporate rapidly. Management is expected to provide more colour on the Nasdaq timeline at the rescheduled annual meeting in mid-June. For now, Sivers must show that its freshly raised capital translates into tangible progress — both in the lab with Tachyon and in the compliance work required for a transatlantic market debut.