Sivers Semiconductors: Short Sellers and Regulators Circle as a $799 Million Pipeline Fails to Calm Nerves
28.06.2026 - 13:38:03 | boerse-global.de
The shares of Sivers Semiconductors closed at €5.90 on Friday, a 9.23% daily loss and a 42% plunge from the 52-week high of €10.23 hit just weeks earlier in early June. What was meant to be a triumphant year — with a Nasdaq dual listing on the horizon and a swelling order book — has instead turned into a governance nightmare, drawing the attention of regulators on two continents and a record wave of short sellers.
The proportion of Sivers shares held by short sellers has exploded from 1.6% in March to 17%, the highest level the Swedish chipmaker has ever seen. The catalyst was a report from Ningi Research, a short-selling firm that accused the company of inflating its revenue. Ningi claimed that nearly one-third of the sales Sivers booked for 2025 were suspect, involving goods not yet produced and research grants that were miscategorised. Sivers has not responded publicly to the allegations.
Dual investigations and class-action preparations
Swedish authorities have launched parallel probes into a suspected leak of confidential information. Roughly 48 hours before Sivers formally announced its Nasdaq listing plans, an anonymous social-media account published precise details of the move, raising the possibility of insider trading. Both the Swedish Economic Crime Authority and the financial supervisory authority are investigating. Across the Atlantic, two US law firms — Rosen Law Firm and Bronstein, Gewirtz & Grossman — are preparing potential shareholder class actions.
The company’s silence on the probes has only deepened investor unease. The short interest ballooned further as market participants braced for a potential accounting restatement. A revaluation under US PCAOB standards, a prerequisite for the Nasdaq filing, already widened Sivers’ net loss for 2025 from the originally reported 186.5 million Swedish kronor to 222.6 million kronor. That revision prompted Sivers’ auditors to publicly question whether the firm could continue as a going concern.
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Board shake-up and Nasdaq freeze
At the annual general meeting on June 15, three long-serving directors — Tomas Duffy, Erik Fallström and Keith Halsey — stepped down. The board was reshuffled: Bami Bastani remains chairman, Joakim Nideborn was elected deputy chairman, and Helena Svancar joined as a new member. The vote on a planned employee incentive programme was pulled from the agenda to give the new board time to craft its own proposal.
More critically, the shareholder vote on the Nasdaq dual listing was also withdrawn. Instead, the board was granted a general capital authorisation for roughly 53.8 million new shares, which could dilute existing holdings by about 15%. No timeline for the US listing has been given, even though Sivers has already completed the accounting conversion to PCAOB standards. The decision now rests with the reconstituted board.
Weak Q1 but a pipeline that tells a different story
The first-quarter report for 2026 underlines the operational pressures. Net revenue fell 22% year on year to 61.9 million SEK, while adjusted EBITDA swung to a loss of 13.8 million SEK, worsening by 7.8 million SEK from the prior year. Management blamed the US government shutdown in the fourth quarter of 2025, delayed defence budgets, and unfavourable exchange rates. Expected revenues from the US defence sector have been pushed into the second half.
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Yet the forward-looking metrics paint a contrasting picture. Sivers’ order pipeline has swelled 77% since the start of the year to $799 million. Among the concrete wins: a production order worth $8.2 million from satellite operator ALL.SPACE for Ka-band beamforming chips, with deliveries stretching through 2027. In June, Sivers also announced a development partnership with GlobalFoundries to co-develop silicon photonics solutions for AI infrastructure, targeting data-centre interconnects such as co-packaged optics and linear pluggable optics. Those deals, however, are not expected to generate meaningful revenue before the end of 2026.
The next test looms on August 6
Technically, the stock is now trading almost exactly at its 50-day moving average of €5.89, offering neither breakout nor breakdown signals. The real catalyst comes on August 6, when Sivers will release its second-quarter report — the first under the new board. It will be a crucial test of management’s credibility: can the delayed defence revenues actually materialise? Until then, the agenda is set by the regulatory calendar and the growing short position.
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