Sivers Semiconductors: The 79% Rally That Hides a Boardroom Meltdown and an Insider Investigation
19.06.2026 - 05:25:50 | boerse-global.de
Investors in Sivers Semiconductors have had plenty to cheer about over the past month. The stock has surged roughly 79%, closing at €8.82 on Thursday — nearly 70% above its 50-day moving average. Yet behind that spectacular run lies a thicket of turmoil: an insider?trading probe, a boardroom exodus, a collapsed Nasdaq vote, a short?seller attack, and a convertible loan that will cost double?digit interest.
The drama erupted just before the company’s annual general meeting on 15 June. Three board members — Vice?Chairman Tomas Duffy and founders Erik Fallström and Keith Halsey — resigned a day or two before the event. Their departures came after Swedish authorities opened an investigation into suspected market abuse. An anonymous X account had published precise details about a planned US listing a full 48 hours before the company made an official announcement. The new board, now chaired by Bami Bastani, was confirmed by shareholders at the meeting.
Shareholder approval was sought for a Nasdaq secondary listing that would have issued 53.8 million new equity shares, diluting existing holders by roughly 15%. But the board suddenly pulled the proposal from the agenda, promising to review the employee share?option plans first. Instead, the AGM granted a general capital?increase mandate of the same size, giving management flexibility without immediate dilution. In a separate vote, shareholders also authorised a secured convertible loan of about $327,000 from Bootstrap Europe, carrying a fixed annual coupon of nearly 11.0%.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The chaos did not end there. On the same day, short?seller Ningi Research published a report accusing Sivers of misclassifying roughly a third of its reported 2025 revenue. The claim is that research grants were booked as commercial income. The company has not yet issued a formal response.
On the operating front, the picture is mixed. First?quarter 2026 revenue dropped 22% year?on?year to SEK 61.9 million, with an adjusted operating loss of SEK 13.8 million. Delays in the US defence budget weighed on sales. Yet the order pipeline tells a different story: it ballooned 77% since the start of the year to reach $799 million. In early June, British satellite firm ALL.SPACE placed an $8.2 million production order for specialised chips — a milestone that marks the shift from development to series manufacturing. A separate development partnership with GlobalFoundries in the AI segment adds further potential.
Despite the investigations, the resignations, the aborted Nasdaq plan, and the short?seller assault, investors remain euphoric. The stock now trades at nearly 70% above its 50?day average, while annualised volatility stands at an extreme 238%. The next major test comes on 6 August, when Sivers is due to report second?quarter results — and management will need to deliver operational proof that the 79% rally is built on more than just hope.
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