Sivers Semiconductors Executes Two-Pronged Capital Strategy to Fund U.S. Expansion and Nasdaq Ambitions
Veröffentlicht: 07.07.2026 um 16:25 Uhr, Redaktion boerse-global.de
The Swedish photonics and mmWave chip developer Sivers Semiconductors has completed a pair of capital moves in quick succession, diluting existing shareholders by millions of shares while simultaneously locking down commitments from top executives not to sell. The combined effect has been a steep stock price decline, but the company insists the moves are strategic, not reactive.
On Tuesday, the shares fell 6.68% to €3.97, extending a brutal run that has left the stock roughly 61% below the 52-week high of €10.23 reached in early June. The catalyst: two separate transactions that have inflated the outstanding share count to nearly 320 million.
First, a convertible note holder, Bootstrap Europe IV SCSp, exercised its right to convert $12 million of debt into equity, issuing 22,847,044 new common shares. That single conversion diluted existing shareholders by approximately 6.4%. CFO Heine Thorsgaard defended the move as a straightforward balance-sheet improvement. Days later, the board approved a directed share issue of 12,280,701 new shares at SEK 57 each, raising roughly SEK 700 million. The placement, which came at a discount of nearly 10% to the last closing price in June, was multiple times oversubscribed by institutional investors in Sweden and abroad.
“This capital comes early enough to secure long-lead-time equipment for indium phosphide manufacturing capacity,” CEO Vickram Vathulya said, framing the funding as proactive investment rather than a scramble for cash.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
To calm nerves in the wake of the dilution, management and the board have agreed to an insider lock-up. Vathulya, Thorsgaard, and board members Bami Bastani, Karin Raj, and Todd Thomson are barred from selling any shares until July 16, 2026, subject to standard exceptions. The move is intended to signal alignment with minority holders and contain selling pressure.
The capital is being deployed to fuel a dual listing on the Nasdaq in New York, which the company expects to complete between late 2026 and early 2027. Sivers has already shifted from planning to execution, having adjusted its consolidated accounts for 2024 and 2025 to meet PCAOB standards. While the head office will remain in Sweden, the U.S. listing is meant to broaden the investor base and raise the company’s profile.
Operationally, the picture remains mixed. First-quarter revenue slumped 22% year-on-year, which management attributed to delays in the U.S. defense budget and currency headwinds. However, the pipeline has swelled to around $800 million, and the company expects materially higher delivery volumes from 2027 onward. At the annual general meeting in June, shareholders approved a six-figure convertible loan carrying roughly 11% interest through 2029 and voted to skip a dividend for 2025.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
In the market, the stock is trading at a 36% discount to its 50-day moving average of €6.20, and the relative strength index sits at 35.4, deep in oversold territory. But the annualized volatility of more than 218% underscores how jittery traders remain. Analysts point to the oversubscribed placement as a vote of confidence in Sivers’ technology, even as the shares swing wildly. The next quarterly report, expected in late summer, will test whether management can back its narrative with hard revenue numbers.
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