Sivers Semiconductors: A 77% Pipeline Surge, a Hedge Fund Exit, and a Nasdaq U-Turn Define a Turbulent Month
17.06.2026 - 08:05:44 | boerse-global.de
Shares in Sivers Semiconductors have gained 97% over the past 30 days, yet the rally masks a swirl of contradictory forces. A prominent hedge fund has cashed out, Swedish authorities are probing possible insider trading, the company’s Nasdaq listing was pulled from the AGM agenda at the last minute, and a short seller is challenging reported revenues. Against that backdrop, the stock closed at €8.50 on Tuesday, still 17% below its 52-week high of €10.23.
The most recent exit from the shareholder register came from Nordic hedge fund Atlant Edge, which liquidated its entire position after a rapid-fire run-up. The fund had entered via a direct placement in the spring at 14.50 Swedish kronor per share. By late May the stock had surged to nearly 69 kronor. Portfolio manager Nikos Georgelis booked an 18% return on the trade, describing the investment as purely opportunistic — long-term conviction was never part of the plan.
At the company’s annual general meeting on June 15, the boardroom was anything but stable. Three directors resigned shortly before the vote: former vice-chairman Tomas Duffy and founding investors Erik Fallström and Keith Halsey. Their departures are linked to an ongoing investigation by the Swedish Economic Crime Authority into suspected insider trading. Details of the planned Nasdaq listing allegedly leaked before the official announcement in April, and the stock posted suspiciously strong gains in the 48 hours prior.
Shareholders re-elected Bami Bastani as chairman, along with Karin Raj and Todd Thomson, while Joakim Nideborn was appointed deputy chairman and Helena Svancar joined as a new member. The most anticipated resolution of the meeting — authorising the Nasdaq listing — was withdrawn before votes could be cast. Nonetheless, the board secured a broad capital mandate that allows the issuance of up to 53.8 million new shares, representing a 15% dilution, through cash contributions, in-kind contributions, or set-off of receivables. A secured convertible note of approximately $327,000 was also ratified, carrying a 10.85% annual coupon and maturing at the end of 2029. The note was subscribed by Bootstrap Europe 4.0.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The Nasdaq ambition remains alive, but the financial restatement required to shift to US accounting standards has exposed deeper historical losses. The net loss for 2025 was revised upward from SEK 186.5 million to SEK 222.6 million after conversion to PCAOB standards. That adjustment, combined with the insider probe, has drawn the attention of two US law firms evaluating potential securities law violations — though no lawsuits have been filed so far.
Another cloud over the company is a short-seller report published in early June by Ningi Research, which challenged roughly 31% of reported 2025 revenues. The firm alleged that Sivers booked research grants as commercial income. The company has not publicly responded to the claims.
First-quarter 2026 results added little comfort. Revenue fell 22% to SEK 61.9 million, which management blamed on delays in the US defence budget. Yet the order pipeline tells a more bullish story. It has expanded 77% since the start of the year to approximately $799 million. CEO Vickram Vathulya pointed to strong demand from AI infrastructure and satellite communications as the drivers. The company is standing by its growth plan for 2026, expecting the bulk of the momentum in the second half, and targets annual revenue growth of 25–30% from 2027 onward.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
On the positive side, Sivers received $6.6 million in funding from the US Pentagon under the CHIPS Act in late May, which initially fuelled the euphoric rally. That Pentagon money, however, was quickly overshadowed by the insider probe and the short-seller attack.
Technically, the stock remains stretched. With a relative strength index of 61, it is approaching overbought territory. The 50-day moving average sits at €4.87, meaning the current price is roughly 75% above that level — a gap that leaves the stock vulnerable to a pullback. The next milestone for investors is the interim report due on August 6, 2026, which will provide the clearest signal yet of whether Sivers can turn its pipeline growth into sustainable profitability.
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Sivers Semiconductors Stock: New Analysis - 17 June
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