Sivers Semiconductors: Insider Sales and Share Dilution Collide as Nasdaq Move Takes Shape

Sivers Semiconductors shares drop 49% in a month as lock-up expires, insiders sell, and dilution from financing hits 355M shares.

The arithmetic is unforgiving. Sivers Semiconductors has roughly 355 million shares in circulation now — up by tens of millions in a matter of weeks — and the stock price is reflecting the weight of that expansion. The Swedish photonics group closed Friday at €2.75, down 1.93% on the day, leaving it with a 48.65% loss over the past month and a price that sits about 51% below its 50-day moving average of €5.70.

What triggered the slide is now clear. A lock-up agreement tied to a directed share issue from the spring expired on July 16, 2026, and the insider transactions that followed were disclosed to the Swedish financial regulator within days. Board member Todd Thomson sold 950,000 shares through Headwaters Capital LLC and gifted another 50,000 to a charitable organization — yet he still holds the largest individual stake on the board. Chairman Bami Bastani also trimmed his position, offloading 275,000 shares and transferring 130,000 more as gifts to family members and charities.

Against that wave of selling stands one notable buyer: CEO Vickram Vathulya, who purchased 70,000 additional shares, lifting his holdings to 4,540,076 shares alongside 3.7 million employee options. The contrast is stark — the two most senior board figures are cashing out while the chief executive doubles down.

The share count increase stems from two spring-summer financing moves. The first was a directed share issue of roughly 12.3 million new shares, raising around SEK 700 million to fund indium-phosphide laser production and bolster the balance sheet for growth in AI data centers and LiDAR. The second involved lender Bootstrap Europe IV SCSp converting a $12 million convertible loan into approximately 22.8 million new shares. That conversion clears a debt obligation but adds meaningful dilution — and the company confirmed the final tally of 355,081,317 shares on Friday, July 31.

Technically, the stock is bruised but not broken. The 14-day RSI sits at 37.3, creeping toward oversold territory, while annualized 30-day volatility runs at a hair-raising 168.16%. The recent price action looks less like a reversal and more like a pause for breath after a violent repricing.

Management, meanwhile, is pressing ahead with its US listing ambitions. The company has moved its Nasdaq plan from the review phase to implementation, converting its audit standards to meet PCAOB requirements — a prerequisite for a US listing. The financial calendar has been adjusted accordingly, with the second-quarter interim report now due in August 2026. Since late July, management and the board have been in a closed trading period, barring insider transactions until the results are published.

The first quarter was hampered by delays in US defense spending and currency headwinds, but the company maintains its full-year 2026 growth targets, betting on a stronger second half driven by its wireless and photonics project pipeline. The August report will be the first real test of whether the fresh capital from the share issue and loan conversion can translate into revenue growth — and whether the dilution can be offset by operational momentum.