Sivers Semiconductors: Short Sellers Circle as Board Reshuffle and Insider Probe Complicate a Meteoric Rally
20.06.2026 - 12:56:35 | boerse-global.de
The stock that rocketed from a low of €0.27 to a market cap of 23.5 billion Swedish kronor in just a few months is now caught in a war between two opposing forces. Short sellers have piled in — the short interest surged to 17% of outstanding shares from a mere 1.6% in early March — while index inclusion and a pipeline of potential orders worth $799 million are propping up demand. The result is a stock that closed at €8.65 on Friday, down 1.65% on the day but still up roughly 76% over the past 30 days and 62% above its 50-day moving average of €5.34.
The governance upheaval that unfolded at the annual general meeting in Stockholm on June 15 only added to the drama. Three board members stepped down just before the vote: vice chairman Tomas Duffy, and founders Erik Fallström and Keith Halsey. Replacing them are Joakim Nideborn and Helena Svancar, while Bami Bastani remains chairman with Nideborn as deputy. The new compensation structure sets the chair at 1,050,000 SEK annually, the deputy at 600,000 SEK, and other members at 350,000 SEK each, supplemented by a stock plan that awards each director 1,000,000 SEK — half of which must be used to buy Sivers shares with a one-year lock-up.
The headline item on the AGM agenda — a vote on issuing up to 53.8 million new shares for a dual listing on the Nasdaq, representing roughly 15% dilution — was abruptly pulled. But the board retains broad authority to issue the same number of shares via cash or in-kind contributions, keeping the door open for a future US listing. Meanwhile, a secured convertible loan of approximately $327,000 from Bootstrap Europe 4.0 S.à r.l. was ratified, carrying a 10.85% annual coupon and maturing at the end of 2029.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Underlying the governance shifts is a pipeline that has expanded 77% since the start of the year to $799 million, driven largely by demand for optical components used in AI infrastructure. A partnership with contract manufacturer Jabil is meant to secure production capacity. The company also booked an $8.2 million production order from British satellite communications firm ALL.SPACE for Ka-band beamforming chips, with delivery scheduled by 2027. Yet revenue in the first quarter of 2026 fell 22% to 61.9 million SEK, which management attributes to delays in the US defense budget.
The financial restatements required for the planned Nasdaq listing have added another layer of concern. Revenue was reclassified between reporting periods, inventory was revalued, and some development costs were written off. The net loss for 2025 was restated upward from 186.5 million SEK to 222.6 million SEK. Against that backdrop, short seller Ningi Research issued a report questioning about 31% of the reported 2025 revenues, alleging that research grants were booked as commercial income. Sivers has not publicly responded.
Legal risks continue to mount. Sweden’s Economic Crime Authority is investigating suspected insider trading after details of the Nasdaq listing appeared online before the official announcement in April. Two US law firms are examining possible securities law violations, though no lawsuits have been filed. The annualized 30-day volatility stands at a staggering 236%, and the relative strength index at 60.5 — elevated but not flashing extreme.
For now, the stock is being buoyed by forced buying from passive funds after Sivers was added to both the OMX Stockholm Benchmark Index and the MSCI Sweden Small-Cap Index at the beginning of June. Richard Bråse of asset manager Protean dismisses the valuation as “total fantaisiste,” while Nordnet analyst Calle Soderberg warns that many market participants are “dancing near the exit.” The next major test comes on August 6, 2026, when the new board releases the interim report and will have to address the accounting adjustments, the short-seller allegations, and the timeline for any US listing.
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