Sivers Semiconductors: A Criminal Probe, a Short-Seller Attack, and a Board Exodus – Yet the Stock Soared 75%
20.06.2026 - 15:47:16 | boerse-global.de
A 17% short interest. A Swedish criminal investigation. A boardroom walkout. And a stock that has nonetheless surged 75.6% in the past 30 days. That is the dizzying picture facing Sivers Semiconductors, the Swedish chipmaker that has become one of the most divisive names in Nordic equity markets this year.
The bears have been piling in with unusual speed. Short interest has climbed to 17% of shares outstanding, up from just 1.6% at the beginning of March – a tenfold jump that signals deep institutional skepticism over a valuation that now stands at roughly 23.5 billion Swedish kronor. Richard Bråse, a portfolio manager at Protean, described the current market cap as “total fantaisiste”, while Nordnet analyst Calle Soderberg warned that many participants are dancing “close to the exit”.
The selling pressure is partly a reaction to a damning report published on June 1 by analysis house Ningi Research. Ningi alleges that roughly 31% of Sivers’ 2025 revenue is questionable – claiming research grants were booked as commercial sales. Sivers has not publicly responded. On the day of the report’s release, its US-listed shares dropped 9.2%. Two American law firms are now examining potential securities law violations, although no lawsuits have been filed yet.
Alongside the short-seller assault, the Swedish Economic Crime Authority is investigating a suspected insider leak. An anonymous X account posted precise details of Sivers’ planned Nasdaq New York secondary listing roughly 48 hours before the official announcement. Prosecutor Jonas Myrdal described the timing and trading pattern as “conspicuous”, drawing parallels to earlier pump-and-dump cases. The source of the leak remains unknown.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
That investigation triggered a dramatic shake-up at the annual general meeting on June 15. Shortly before the meeting, vice-chairman Tomas Duffy and co-founders Erik Fallström and Keith Halsey resigned – directly tied to the insider inquiry. The planned vote to authorize the issuance of up to 53.8 million new shares for the Nasdaq listing, which would have diluted existing holders by roughly 15%, was abruptly pulled from the agenda. Instead, the newly constituted board received a general mandate to issue the same number of shares at a future date. Joakim Nideborn was appointed vice-chair, Helena Svancar joined the board, and Bami Bastani remains chairman. Shareholders also approved a secured convertible loan of approximately $327,000 carrying a 10.85% annual coupon and maturing at the end of 2029.
The Nasdaq ambition itself has been delayed, not abandoned. Sivers had been preparing for the US listing by restating its financial statements for 2024 and 2025 to comply with PCAOB audit standards – a painful exercise. The 2024 revenue was slashed from 243.7 million to 219.2 million Swedish kronor, while the net loss widened from 116.3 million to 183.9 million kronor. For 2025, revenue ticked up slightly to 306.6 million kronor, but the net loss ballooned from 186.5 million to 222.6 million kronor, driven by revalued inventories, changed stock-compensation assumptions, and write-downs on capitalized development costs.
Operationally, the company presents two conflicting narratives. Its sales pipeline has swelled by 77% since year-end 2025 to $799 million – a figure the company attributes to demand for optical components used in AI infrastructure, backed by a manufacturing partnership with contract producer Jabil. Yet actual first-quarter 2026 revenue fell 22% sequentially to 61.9 million kronor, with Sivers citing the US government shutdown late last year, delayed defense budgets, and unfavorable exchange rates. The adjusted operating loss stood at 13.8 million kronor.
Optimists point to the pipeline as a sign that the revenue inflection point lies ahead – possibly in 2027. But skeptics note that the company is burning cash while its market capitalization, even after the recent run, trades at a multiple far above any realistic near-term earnings. Passive buying has provided tailwinds: Sivers was added to the OMX Stockholm Benchmark Index on June 1 and shortly afterward to the MSCI Small-Cap Index, forcing ETF and index fund purchases regardless of price.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
The technical data underscore the extreme nature of the rally. The stock closed at 8.65 euros on Friday, down 1.65% on the day but up 3.28% on the week. It now trades 62% above its 50-day moving average of 5.34 euros. From a 52-week low of 0.27 euros reached in March, the price has multiplied more than thirtyfold. The all-time high of 10.23 euros, hit in early June, is about 15% away. The annualized 30-day volatility stands at a staggering 236%, and the relative strength index at 60.5 is elevated though not yet in overbought territory.
With short interest at 17%, the possibility of a short squeeze remains a live topic among retail traders. Whether the bears hold their ground or the momentum crowd forces them to cover may be decided when Sivers reports second-quarter results on August 6. Until then, the stock’s trajectory hangs between a pipeline story with genuine AI tailwinds, and a thicket of governance probes, accounting questions, and one of the highest short bets in the market.
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