Sivers Semiconductors: 355 Million Shares in Circulation as Nasdaq Pivot Tests Investor Patience

Sivers Semiconductors' share count jumps to 355M amid dilution, stock down 73% from high, as Nasdaq dual listing and PCAOB audit delay Q2 report.

The arithmetic is unforgiving. Sivers Semiconductors now has 355,081,317 common shares outstanding as of July 31, 2026 — a figure that keeps climbing just as the stock keeps falling. The Swedish chipmaker's journey to a US listing is reshaping its capital structure, its reporting calendar, and the patience of its shareholders all at once.

Two capital moves in July drove the share count higher. A targeted rights issue placed roughly 12.28 million new shares and pulled in about 700 million Swedish kronor. Separately, strategic partner Bootstrap Europe converted a $12 million loan into equity, adding another 22.8 million shares. Management framed the debt-to-equity conversion as a balance-sheet strengthening exercise ahead of growth in AI and satellite communications. For existing holders, the practical effect is simpler: the same enterprise value now spreads across a larger share base.

The dilution lands during an already punishing stretch for the stock. The shares closed at €2.68 on Monday, down 2.55 percent on the day, after finishing the prior week at €2.75. Over the past month, the stock has shed roughly half its value. From the 52-week high of €10.23 reached on June 3, 2026, the decline now exceeds 73 percent.

A Leadership Split Emerges Before the Quiet Period

The insider trading window slammed shut on July 28, triggering a 30-day closed period under Article 19(11) of the EU Market Abuse Regulation. Trading by executives and board members is now suspended until the second-quarter report lands on August 27 — itself a delay from the originally planned early-August release.

What happened in the days before the freeze tells two different stories. CEO Vickram Vathulya bought 70,000 additional shares on July 16, lifting his holdings above 4.5 million. Chairman Bami Bastani moved in the opposite direction the same day, selling 275,000 shares and gifting another 130,000 to charitable organizations and family members. Whether the chairman's exit signals doubt or simply personal financial planning is impossible to determine from the outside.

The timing is notable: the lock-up period for insiders expired on July 16, the very day these transactions occurred.

The PCAOB Hurdle

The delayed quarterly report stems from the company's "audit uplift" — the process of restating consolidated financial statements for fiscal years 2024 and 2025 to meet the standards of the US Public Company Accounting Oversight Board. This is a prerequisite for the company's stated goal of a direct dual listing on the Nasdaq in New York.

The restatement has already produced revisions. The net loss for 2025 was adjusted upward to approximately 223 million Swedish kronor, reflecting changes in revenue recognition and inventory valuation. CEO Vathulya said the extra time before reporting ensures the quality and transparency that US regulatory requirements demand.

Management previously indicated the Nasdaq listing could follow within the next two to three quarters. The August 27 report should offer a clearer timeline.

Pipeline Growth Offers a Counterpoint

Not everything is moving in the same direction. The order pipeline has grown 77 percent since the start of the year to $799 million, driven by demand for InP lasers and wireless beamformers. That creates a visible gap between the falling share price and the underlying order momentum.

Technical indicators suggest the sell-off may be stretched. The 14-day relative strength index sits at 36.8, approaching oversold territory, while the annualized 30-day volatility of 167.69 percent reflects just how jittery trading has become. Those signals hint at possible stabilization but offer no guarantee of a trend reversal.

Sivers maintains its target of reaching profitability in 2028. The August 27 report will need to show how the company plans to bridge the gap from current losses to that goal — and whether the audit uplift finally unlocks the valuation the board believes European markets have failed to recognize.