Co-Founder Departure and Restated Accounts Signal Sivers Semiconductors’ Nasdaq Preparations

Swedish chipmaker Sivers restates losses, delays reports, and reshuffles board to meet US auditing standards as it pursues a potential secondary Nasdaq listing in New York.

Sivers Semiconductors is undertaking a sweeping leadership shakeup alongside a financial restatement, as the Swedish chipmaker gears up for a potential secondary listing on the Nasdaq in New York. The twin moves — a boardroom overhaul and a delay in reporting to align with US auditing standards — underscore the company’s transition from a Nordic deep-tech player to a candidate for institutional capital markets.

The annual report, originally due earlier, has been pushed back to 15 May 2026, while the first-quarter report is now scheduled for 29 May instead of 20 May. Sivers cited ongoing audit work required to bring its consolidated accounts for the past two years into line with standards set by the US Public Company Accounting Oversight Board (PCAOB). The effort has already left its mark: in the mid-May released annual report for 2025, management revised the operating loss down to SEK 177.8 million from the previously reported SEK 141.3 million, while revenue came in at SEK 306.6 million.

The board nominations, to be voted on at the annual general meeting on 15 June, look tailored to that US listing ambition. Co-founder and investor Erik Fällström will step down, along with Keith Halsey and current vice-chairman Tomas Duffy. To replace them, the nomination committee has proposed Joakim Nideborn as new vice-chair — a former CFO of listed tech companies with experience in capital markets and international expansion — and Helena Svancar, who brings over two decades of global leadership in M&A and corporate strategy. Chairman Bami Bastani, alongside Todd Thomson and Karin Raj, is up for re-election, keeping the five-member board intact.

The personnel changes are designed to sharpen Sivers’ focus on two core technology pillars: photonics, where its high-power CW lasers target co-packaged optics for AI data centres and hyperscale environments, and wireless, where millimetre-wave technology serves SATCOM, lidar, and advanced sensing. Meanwhile, the company recently secured a $6.6 million financing extension for a project in electronic warfare, highlighting the defence angle alongside the commercial push.

Amid the restructuring, short-seller activity has eased slightly. Qube Research & Technologies no longer appears as a public short seller after its position fell below the 0.5% threshold of share capital on 19 May. Three other short sellers remain publicly disclosed, holding a combined 7.05% of the equity. The next concrete milestone is the release of the delayed quarterly report on 29 May, which will likely set the tone for the June AGM — where shareholders will see whether the new board can chart a credible path to profitability after the restated losses.