Sivers Semiconductors: A Clash of Short Sellers and Passive Demand Ahead of Pivotal AGM
Veröffentlicht: 03.06.2026 um 07:51 Uhr, Redaktion boerse-global.de
The stock of Sivers Semiconductors has become a battlefield in recent weeks, with a short-seller attack and a subsequent 70% rally underscoring the extremes. As the Swedish chipmaker barrels toward its annual general meeting on 15 June, a record date of 5 June will determine which shareholders can vote on board changes and a stock options plan — decisions that could shape the company’s next chapter.
The volatility traces back to 1 June, when research firm Ningi Research published a scathing report questioning Sivers’ revenue recognition and the validity of its customer contracts. The analysis labelled the company a “retail-driven pump” propped up by speculative hyperscaler relationships and a long-promised volume ramp that has repeatedly failed to materialise. Shares trading on the OTC market promptly slid 9.2%. Hours later, US law firm Rosen Law Firm launched an investigation into potential securities claims, alleging that Sivers may have misled investors.
Yet the next day brought a dramatic reversal. A strategic partnership with GlobalFoundries to develop silicon-photonics solutions for artificial-intelligence infrastructure sent the stock surging roughly 70% on the Nasdaq Stockholm exchange, briefly pushing the price above 100 Swedish kronor. The year-to-date gain now exceeds 2,400%. The addressable market for pluggable optical components — a key application for the technology — is estimated at $25 billion by 2030.
Not all market participants are convinced. The only analyst covering Sivers, Redeye, has maintained a target price of 6.20 SEK — a fraction of the current trading level. The scepticism is rooted in the fundamentals: first-quarter net revenue fell 22% year-on-year to 61.9 million SEK, with adjusted EBITDA of minus 13.8 million SEK and operating cash flow of minus 49.2 million SEK. Management blamed delays in US government budgets and currency headwinds. Still, the company points to a pipeline of opportunities totalling roughly $799 million.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The structural tug-of-war is evident in the stock lending data. According to S&P Global Market Intelligence, about 17% of the free float was out on loan by late May, up from just 1.6% at the start of March, indicating heavy short interest. On the buy side, index inclusions are generating forced demand: Sivers joined the OMX Stockholm Benchmark Index on 1 June and the MSCI Sweden Small-Cap Index at the end of May, prompting tracker funds to adjust their portfolios.
The upcoming AGM will test institutional confidence. The nomination committee has proposed adding Joakim Nideborn and Helena Svancar to the board, while Dr. Bami Bastani, Todd Thomson and Karin Raj are recommended for re-election. Shareholders will also vote on a stock option programme covering 7 million options, representing roughly 2% dilution. The meeting coincides with a capital raise completed in late May: a directed issue of 8.62 million common shares raised approximately 125 million SEK from investors including DNB Disruptive Opportunities, Storebrand Sverigefond and Hudson Bay Capital Management.
The capital structure now stands at 319,953,572 total shares: 305,154,751 common shares with one vote each, plus 14,798,821 C-shares carrying one-tenth of a vote, giving total voting rights of 306,634,633.1. The placement strengthens the balance sheet and signals institutional interest ahead of a planned secondary listing on the Nasdaq in New York — a move that also requires an audit uplift to meet PCAOB standards.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
Meanwhile, Swedish authorities are probing a possible information leak. Around 48 hours before the official announcement of the US listing plan, the stock had already jumped significantly. Prosecutor Jonas Myrdal has described the timing and trading pattern as “striking” and has asked Nasdaq to review the matter under the EU Market Abuse Regulation. The source of the leak remains unknown.
With the record date of 5 June fast approaching, the next fortnight will be a litmus test for Sivers. The interplay of short sellers, passive index buyers, regulatory scrutiny and strategic ambition makes this AGM one of the most consequential in the company’s recent history.
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