Sivers Semiconductors Restructures Board Amid Insider Probe, Eyes Nasdaq with $799M Backlog
18.06.2026 - 19:33:52 | boerse-global.de
The Swedish chip developer Sivers Semiconductors is navigating a turbulent period that has seen its stock price nearly double over the past month, even as deep governance issues and legal scrutiny surface. Trading at around 8.73–8.89 euros, the shares have been volatile — with annualized volatility exceeding 238% — as investors weigh a massive recovery against serious headwinds in the boardroom.
At the company’s shareholder meeting in mid-June, sweeping changes to the leadership took effect. Vice chairman Tomas Duffy resigned, and founders Erik Fallström and Keith Halsey also stepped down from their posts. The departures come against the backdrop of a Swedish prosecutor’s investigation into suspected insider trading, after details of a planned Nasdaq listing leaked online in April. Bami Bastani remains chairman of the board, while Joakim Nideborn has been appointed as his deputy and will now oversee investor relations — a role critical to the Nasdaq ambitions. Helena Svancar, who brings two decades of mergers and acquisitions experience, also joined the board.
The upheaval has not been limited to personnel. Two US law firms are already examining potential securities law violations, and short-seller Ningi Research has alleged that roughly 31% of Sivers’ 2025 revenue was improperly generated from research funding. The company has yet to respond to the claims. On the financial front, first-quarter 2026 revenue fell 22% to just under 62 million Swedish kronor, with the adjusted operating result deep in the red. Management blames US budget delays and unfavorable currency movements. Meanwhile, the company has restated its 2024 and 2025 financial statements under stricter US accounting standards, pushing the net loss for 2025 retroactively to 222.6 million kronor.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Despite these challenges, Sivers’ order pipeline has swelled to roughly $799 million, according to the company. That growth provided the foundation for a stock rally that has not entirely fizzled, even as the shares slipped about 3% in the most recent session. To shore up liquidity, shareholders authorized a secured convertible bond of around $327,000, subscribed by Bootstrap Europe, carrying a 10.85% annual coupon and maturing at the end of 2029. A planned employee bonus program was withdrawn at the meeting, with the new board tasked to review and revise the proposal.
The next major milestone comes on August 6, when Sivers is due to publish its next interim report. By then, the company must deliver audited financial statements compliant with the US PCAOB standards — a prerequisite for submitting its application for a Nasdaq listing. Investors will be watching closely for any timetable updates on the long-awaited move to Wall Street.
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