Sivers Semiconductors: A Convertible Bond, Three Directors Out, and a 50% Rout Erase Nasdaq Euphoria
Published on 06/26/2026 at 12:37 | Redaktion boerse-global.de
The 300% rally that Sivers Semiconductors rode into early summer has been wiped out in a single brutal week. The Swedish chipmaker’s stock collapsed to €5.18 on Friday, a 20% one-day plunge that leaves it almost exactly half its 52-week high of €10.23 — reached just three weeks ago on June 3. What began as a revaluation driven by artificial-intelligence optics hype has become a downward spiral with multiple, compounding triggers.
Behind the rout lies a chain of unsettling disclosures. Sivers has restated its 2024 and 2025 annual accounts to conform to US PCAOB standards — a prerequisite for the Nasdaq secondary listing it had been pursuing. The adjustments, including revenue reclassifications between periods, inventory revaluations, and the write-off of previously capitalised development costs, pushed the net loss for fiscal 2025 to SEK 222.6 million, from the originally reported SEK 186.5 million. The company described the changes as routine for a US listing, but the market took a harsher view. Compounding the accounting shock, auditors have slapped a going-concern qualification on the annual report, casting doubt on Sivers’ ability to operate without external support.
The Nasdaq ambition itself hit a roadblock at the annual general meeting on June 15. The concrete listing application was pulled from the agenda at the last minute. Instead, the board secured only a general mandate to issue up to 53.8 million new shares — a potential 15% dilution — with no timetable for a US debut. The meeting also saw a shake-up in leadership: vice chairman Tomas Duffy and founding investors Erik Fallström and Keith Halsey resigned from the board. Joakim Nideborn stepped in as new vice chairman, and Helena Svancar, who brings M&A experience, filled the remaining seat. Chairman Bami Bastani stays on. An employee incentive programme was deferred, with the new board to craft its own proposal for a future meeting.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
One piece of business that did get ratified was a convertible bond issued in March. Bootstrap Europe 4.0 S.à r.l. subscribed to 622,719 convertible notes with a nominal value of SEK 4.77 each, totalling roughly $327,000. The notes carry a 10.85% annual coupon and run until the end of 2029 — a small but expensive capital injection that underscores the company’s cash constraints.
A stark contrast persists between Sivers’ growth story and its financial reality. The opportunity pipeline has surged 77% to $799 million year-to-date, driven by demand for photonics in AI infrastructure. Recent wins include an $8.2 million order from satellite-communications firm ALL.SPACE for Ka-band beamforming chips, with production locked through 2027, and a collaboration with GlobalFoundries to integrate Sivers’ laser arrays into reference designs for co-packaged optics and data-centre interconnects. Yet first-quarter revenue fell 22% to SEK 61.9 million, held back by delays in US defence budgets from the fourth-quarter government shutdown and unfavourable exchange rates. Operating profit remained negative.
With the half-year report due on August 6, investors are watching whether deferred defence revenue will materialise and whether that $799 million pipeline can start converting into hard orders. The annualised 30-day volatility has blown past 226% — a number that captures just how much weight the market now places on governance risk, accounting uncertainty, and the absent Nasdaq timeline, relative to any long-term technological promise.
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Sivers Semiconductors Stock: New Analysis - 26 June
Fresh Sivers Semiconductors information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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