Sivers Semiconductors: Borrow Costs Hit 228% as a Pivotal AGM Vote Pits Short Squeeze Against Dilution

The math behind Sivers Semiconductors is bewildering. A stock that has soared roughly 20-fold from its March 2026 low of €0.27 now faces a shareholder vote that could either unlock a Nasdaq listing or extinguish the rally. The AGM on June 15 will decide on issuing up to 53.8 million new shares, a 15% dilution, to fund acquisitions and a planned secondary listing in New York.

Yet the forces shaping the vote are anything but orderly. A brutal short squeeze is unfolding alongside a criminal probe, insider exits, and a sceptical short-seller report. The result is annualised volatility of 250% — a number that tells you this is no stock for the faint-hearted.

Nordea’s Punitive Margins Fuel a Squeeze

The squeeze gathered pace after Nordea jacked up base lending margins on short products tied to Sivers, in some cases to a staggering 228.5%. The trigger is acute illiquidity in the stock-lending market. Short sellers who piled in after a critical report from Ningi Research on June 1 are now trapped: closing their positions costs a fortune, but holding them is becoming uneconomic. Every forced buy-back drives the stock higher. On one day alone, the share price jumped nearly 20%.

The 14-day relative strength index sits at 60.7, suggesting the rally has not yet overheated. But momentum alone doesn’t change the underlying picture.

Should investors sell immediately? Or is it worth buying Sivers Semiconductors?

A Credibility Storm

Ningi Research accused Sivers of aggressive revenue recognition, pointing to roughly 97 million Swedish kronor from the previous year as questionable. The claim landed in an already toxic environment. Swedish prosecutor Jonas Myrdal is investigating a possible information leak ahead of the Nasdaq announcement, noting parallels with earlier market manipulation cases. Meanwhile, short interest has climbed to 17% of the free float.

The company’s own insiders have sent a clear signal. Harish Krishnaswamy, managing director of the wireless division, sold his entire holding of roughly 1.39 million shares at the end of May, netting about 99.5 million kronor. Major shareholder Cicero Fonder also dumped its entire stake. Over the past three months, not a single insider has bought shares.

The Cost of a Nasdaq Dream

Sivers has already had its 2024 and 2025 accounts audited under the tougher PCAOB standards required for a US listing. That process has forced restatements that widened reported losses for both years. The first quarter of 2026 did not help: revenue fell 22% year-on-year to around 62 million kronor, and the operating loss came in at 41.5 million kronor.

The bull case rests on a partnership with GlobalFoundries, announced on June 2, to develop silicon-photonics chips for AI infrastructure — a market forecast to reach $25 billion by 2030. If the Nasdaq listing goes through, that business could command a much higher valuation.

Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.

The Vote That Decides Everything

Shareholders must register by June 9 to vote. A ‘yes’ on the 53.8 million new shares — convertible bonds and warrants are also on the table — would give the company the capital it needs for both M&A and the US listing. A ‘no’ would starve the expansion plan and probably kill the squeeze, as sellers rush for the exit.

The stock closed recently at €7.95, well off its early-June high of €10.23. The next operational update is due on August 6. For now, the boardroom drama is every bit as explosive as the trading floor.

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Sivers Semiconductors Stock: New Analysis - 9 June

Fresh Sivers Semiconductors information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

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