Sivers Semiconductors Preps US Dual Listing as Shareholders Face Dilution Trade-Off

Sivers Semiconductors will ask shareholders on Oct 22, 2026 to approve a stock options plan and swap Deloitte for EY, groundwork for a potential US dual listing.

Sivers Semiconductors is asking investors to sign off on the plumbing of a cross-Atlantic ambition. An extraordinary general meeting scheduled for October 22, 2026 in Stockholm will put two housekeeping items to a vote — a fresh employee options scheme and a change of auditor — both of which the Swedish chipmaker frames as groundwork for a potential dual listing in the United States, a process expected to wrap up in the first half of 2027.

The nomination committee wants Deloitte out after a decade in the role and Ernst & Young in. The ten-year tenure limit is one reason; the company's stated rationale is another, namely that a US listing demands an auditor with Anglo-Saxon credentials. Shares changed hands at 2.83 euros on the day the agenda became public.

Options Plan Targets Five Countries

At the heart of the meeting is P11, a stock option program aimed at staff in the US, Scotland, Sweden, India and China. As many as 7,280,000 options would be issued, with a minimum three-year vesting period designed to keep talent in place through the listing process. On the outstanding common stock, that works out to roughly 2.0 percent dilution. Add the options already in circulation and the potential overhang reaches about 6.1 percent. Shareholders will also be asked to authorize C-shares to cover associated social security contributions.

For existing owners, the trade-off is plain: near-term dilution in exchange for access to a broader international investor base. A New York quote alone guarantees nothing, but it does signal where management sees the company's future.

Glasgow Fab and a $1.2 Billion Pipeline

The governance items land on top of a busy stretch of operational news. Roughly three weeks ago, Sivers announced a USD 30 million strategic investment to expand its indium phosphide production site in Glasgow, Scotland. Work begins in the second half of 2026, with operations due to start in the fourth quarter of 2027. Once complete, the facility is expected to produce more than 100 million CW-DFB lasers a year.

Momentum is building on the commercial side too. Product revenue grew 18 percent in the second quarter of 2026 compared with the same period a year earlier, while the project pipeline swelled to USD 1.2 billion by July — a 268 percent increase over December 2025. Underpinning that figure is an USD 8.2 million production order from ALL.SPACE for Ka-band beamforming ICs, which is meant to secure the production ramp planned for 2027.

New Faces in Wireless and Photonics

Management has been reshuffled to match. Marc Pegulu took over as Managing Director Wireless on September 28, 2026, bringing more than 25 years in RF and cellular technologies, including stints at Semtech and Qorvo. In photonics, David Clark joins as VP of Engineering on October 31, 2026, with a similar depth of experience in semiconductor packaging and optoelectronics. He will phase in as Andrew McKee retires, with McKee supporting the handover through the end of 2026. Harish Krishnaswamy, as Chief Strategy Officer, oversees corporate strategy and acquisitions.

The stock's longer-term picture remains mixed. Even after Wednesday's 2.1 percent gain to 2.88 euros, the shares sit 72 percent below their 52-week high — a gap that has narrowed only modestly against a year-to-date advance of 627 percent. Whether the October 22 votes on incentives and personnel set the stage for a re-rating, or simply formalize the cost of going American, is now up to the owners.