Sivers Semiconductors Faces a Liquidity Squeeze as Short-Selling Costs Skyrocket Ahead of Nasdaq Pivot

Nordea hikes short-selling margins to as high as 153.5% on Sivers stock amid liquidity crunch, restated losses, insider probe, and board overhaul.

Nordea Bank has thrown a spotlight on the deepening strains in Sivers Semiconductors’ stock. From May 28, the Swedish lender is charging dramatically higher base-rate margins on all exchange-traded short products linked to the company. Bear certificates with a -1 factor now carry a margin of 51.5 percent; -2 factor products face 102.5 percent, and -3 factor instruments 153.5 percent. Mini Future Shorts are subject to a 50 percent margin. The bank explicitly blames poor liquidity in the securities lending market and soaring borrowing costs for the shares.

The margin spike is the starkest indicator yet that the market is struggling to accommodate short sellers betting against the photonics and wireless technology specialist. Behind the borrowing squeeze lies a perfect storm: restated financials, a looming US listing, an insider trading probe, and a major shareholder wrestling with its own restructuring.

Sivers prepared its 2024 and 2025 accounts to meet PCAOB standards, a prerequisite for its planned secondary listing on the Nasdaq in New York. That audit revealed deeper losses than originally reported. The restated 2024 net loss widened to 183.9 million Swedish kronor from the previously stated 114 million, while revenue was trimmed to 219.2 million kronor from 243.7 million. For 2025, the net loss came in at 222.6 million kronor, versus the earlier 186.5 million, on revenue of 306.6 million kronor — a slight increase year-on-year. The adjustments span revenue recognition, inventory valuation, share-based compensation, and write-offs of development costs.

The stock has felt the heat. On May 28, shares tumbled 11.31 percent to 65.10 kronor, well off the 52-week high of 90.50 kronor and just above the low of 2.85 kronor. Compounding the uncertainty, Sweden’s Economic Crime Authority is investigating potential insider trading after an anonymous X account posted details of the Nasdaq plans roughly 48 hours before the official announcement, triggering abnormal price moves.

Meanwhile, the governance overhaul is accelerating. On June 15, shareholders will elect a new board designed to steer the company through its US ambitions. The nomination committee has proposed five candidates: three incumbents — Dr. Bami Bastani, Todd Thomson, and Karin Raj — plus two newcomers. Joakim Nideborn, a CFO with deep tech experience, will oversee the Nordic region, while Helena Svancar brings more than 20 years of international leadership. The departure of co-founder Erik Fällström, along with Keith Halsey and former vice chairman Tomas Duffy, marks the end of the founder era and a shift toward institutional governance.

Amid the turbulence, Sivers secured a small but strategically significant contract. The US Department of Defense extended the EW STAR project for a second year, contributing $6.6 million. The program, developing broadband antenna arrays for simultaneous transmit and receive, involves partners BAE Systems, MIT Lincoln Laboratory, and Columbia University. The award underscores the company’s technology credentials, though it remains modest relative to Sivers’ market capitalization.

Another risk lurks in the shareholder register. Major investor Achilles Capital, part of DDM Finance, has defaulted on bonds and is in restructuring. Any forced sale of its Sivers stake would add further downward pressure on the stock.

Attention now turns to the first-quarter 2026 report, due on May 29 after a delay from the original May 20 date. It will be the first set of results under the PCAOB framework. Management has set a target of achieving annual revenue run-rate of $50 million to $55 million with a gross margin above 50 percent, at which point it expects to break even. Investors will be watching for signs that the company’s collaboration with Jabil on 1.6T optical transceivers is translating into tangible revenue — or whether the restatement losses continue to dominate the narrative.