Sivers Semiconductors: Boardroom Split Widens as CEO Buys While Chairman and Director Unload Stock
Published on 07/24/2026 at 05:02 | Redaktion boerse-global.de
The diverging paths taken by Sivers Semiconductors' top executives have thrown a harsh spotlight on the Swedish chipmaker, sending its shares into another tailspin. On Thursday, the stock dropped 7.98 percent to close at €3.00, extending a 30-day slide of 58.33 percent, according to one report, while another pegged the decline at 8.08 percent to €2.98 with a 63.41 percent monthly loss. The moves come as the market digests a flurry of insider transactions triggered by the expiration of a lock-up agreement tied to a capital raise in April.
The lock-up, which had barred management and board members from selling shares until July 16, 2026, has now expired—and the response from the company's leadership has been anything but uniform. Chairman Bami Bastani moved swiftly, donating 60,000 shares to charitable organizations, gifting 70,000 to family members, and selling 275,000 shares on July 16. After these transactions, Bastani retains 381,360 shares, of which 11,360 are subject to a new one-year lock-up.
Board member Todd Thomson, acting through his investment vehicle Headwaters Capital LLC and representing Kairos Ventures' stake in the company, went even further. Headwaters Capital sold 950,000 shares and donated an additional 50,000 to a charity by July 22. Thomson remains the largest shareholder among board members, holding 477,027 shares, with 12,500 under a fresh one-year lock-up. The sales stem from a decision by Kairos Ventures' investment committee to distribute part of its holdings to investors who wish to remain involved and sell the remainder. Kairos had acquired its position in 2022 through the sale of its portfolio company Mixcomm to Sivers.
In stark contrast, CEO Vickram Vathulya added 70,000 shares to his holdings, bringing his total to over 4.5 million shares plus employee options. This divergence at the top—a chairman and director cashing out while the chief executive doubles down—has not gone unnoticed by market participants, who are parsing the conflicting signals with caution.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The insider activity coincides with a broader correction that has been punishing the stock. From a 52-week high of €10.23 in June, the share price has fallen roughly 70 percent. The annualized 30-day volatility stands at around 162 percent, placing Sivers among the most volatile technology stocks on the Stockholm exchange. The stock now trades well below its 50-day moving average of €5.99 and its 100-day average of €4.00, with a relative strength index of 36.4 approaching oversold territory.
Adding to the uncertainty, Sivers has revised its consolidated financial statements for 2024 and 2025 to align with standards set by the U.S. Public Company Accounting Oversight Board (PCAOB), a prerequisite for a potential secondary listing on the Nasdaq in New York. The revisions were severe: for 2025, the operating loss widened to minus 178 million Swedish kronor from a previously reported minus 141 million, and the net loss swelled to approximately 223 million kronor. The 2024 revision was even more dramatic, with net revenue retroactively cut from 243.7 million kronor to 219.2 million kronor, and the net loss ballooning from 116.3 million kronor to 183.9 million kronor.
A separate investigation by the Swedish Economic Crime Authority is also hanging over the company. Prosecutors suspect that information about the Nasdaq plans was deliberately leaked; a post on the social media platform X hinted at the potential dual listing roughly 48 hours before Sivers officially confirmed the news via press release.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
The trading window for insiders is now closing. Under Article 19(11) of the EU Market Abuse Regulation, a closed period begins on July 28, barring executives from trading in company shares until the release of the second-quarter interim report on August 27, before trading opens on the Nasdaq Stockholm. This means the market will have to digest the recent insider sales, the accounting revisions, and the unresolved leak investigation without any further insight from management's trading activity until the quarterly results are published.
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