Sivers Semiconductors Rallies as Short Sellers Dig In and US Listing Takes Shape

Sivers Semiconductors rises 5.9% to EUR 3.08, extending a 692% year-to-date gain, as shorts hold 5.92% and an Oct 22 EGM weighs a US listing.

Shares of Sivers Semiconductors climbed 5.9% on Monday to EUR 3.08, extending a rally that has already lifted the Swedish chipmaker's stock by 692% since the start of the year. The advance comes against a backdrop of persistent bearish positioning: three disclosed short positions tracked by Sweden's Financial Supervisory Authority (Finansinspektionen) together amount to 5.92% of the company's capital, according to media reports.

That tug-of-war between skeptics and committed shareholders has become a defining feature of the stock. Two Sigma Investments re-entered the register as a reporting short seller on Friday, while AQR Capital Management had previously disclosed a position exceeding 0.5%. Two Sigma's net short interest was logged at 0.50% on Thursday. Heavy short exposure of this kind tends to make investors jittery, since it signals doubts about a company's prospects or valuation — yet it also sets the stage for sharp moves if sentiment shifts and short sellers are forced to cover.

A Board Being Rebuilt

While the market jostles, Sivers has been busy reshaping its leadership. Roughly a week ago the company announced a series of appointments aimed at repositioning its Wireless and Photonics divisions. Marc Pegulu has taken the helm of the Wireless business, with former division head Harish Krishnaswamy moving into the Chief Strategy Officer role. David Clark joins on 31 October 2026 as Vice President of Engineering for Photonics, stepping in as Andrew McKee prepares to retire at the end of the year.

The reshuffle is designed to give both units steadier footing as they push commercial goals from the drawing board into execution.

Auditor Swap Tied to Wall Street Ambitions

Shareholders will have their say at an extraordinary general meeting convened for 22 October 2026 in Stockholm, with proxy voting available. The headline item is a change of auditor: Ernst & Young AB is proposed to replace Deloitte AB. The nomination committee tied the switch directly to preparations for a potential secondary listing in the United States, targeted for completion in the first half of 2027.

Also on the agenda is a long-term employee incentive scheme covering up to 7,280,000 Series C shares — roughly 2.0% dilution of shares and votes. The board is seeking authorization to issue those shares, alongside resolutions on the repurchase and transfer of existing common stock. Such programs are standard fare for research-intensive technology firms competing for specialist talent, though they inevitably dilute existing holders.

What Comes Next

The calendar stays crowded. Third-quarter interim results are due on 26 November 2026, offering a read on how both business segments are performing. Between the shareholder vote and the management transitions now under way, the coming weeks should reveal whether Sivers' operational overhaul can blunt the market's skepticism — or whether the short sellers, whose bets remain firmly on the table, will have the last word.