Sivers Semiconductors’ Heavily Oversubscribed Placement Masks a 17.77% Weekly Rout and a Nasdaq Pivot
02.07.2026 - 10:23:48 | boerse-global.de
Investors in Sivers Semiconductors are caught between two sharply divergent narratives. On one side, the Swedish photonics and chip specialist has just closed a 700 million Swedish krona (ÂŁ700m) share placement that was multiple times oversubscribed by institutional buyers in Sweden and abroad. On the other, the stock lost 17.77% in the seven trading sessions to Wednesday, extending a one-month decline of 38.46% that saw the shares end at 5.34 euros. By the close of the next day, the price had slid further to 4.80 euros, a drop of 10.16% from the prior day.
The market’s immediate focus is on dilution. Sivers issued 12,280,701 new ordinary shares at 57 kronor each through an accelerated bookbuild led by Pareto Securities, a 9.7% discount to the June 30 Nasdaq Stockholm close. The cash will go toward expanding manufacturing capacity for indium phosphide lasers and optical amplifiers, critical components for AI data centres and automotive LiDAR systems. A series production launch for LiDAR parts is scheduled for the fourth quarter of 2026.
Yet the placement comes at a time when the company’s top line is under pressure. First-quarter net revenue fell 22% year on year to just 61.9 million kronor, partly due to a delayed US defence budget after the late?2025 government shutdown and adverse currency effects. The order book tells a different story: the pipeline swelled 77% in the first five months of the year, reaching nearly $799 million by end of May. Closing the gap between that future revenue and today’s cash burn is the rationale for the capital raise.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
CEO Vickram Vathulya has used the moment to confirm that the company’s long?mooted US listing will become a reality within the “next few quarters”. Analysts expect the Nasdaq New York flotation to take place between late 2026 and early 2027. Sivers has already brought its accounting standards up to PCAOB level, a prerequisite for tapping US capital markets. The move is designed to bring the group closer to its key customers in the artificial?intelligence and high?performance computing sectors.
The chart tells a story of extreme volatility. The 30?day annualised volatility now stands above 220%, underscoring the nervousness around the stock. On a weekly basis the share has lost 26.12%; on a monthly basis 44.71%. The 14?day relative strength index sits at 39.5, close to oversold territory, while the 50?day moving average of 6.12 euros is 21.49% above the current price. From its 52?week high of 10.23 euros on June 3, the stock has more than halved.
Management’s hands are tied until mid?July under existing lock?up agreements from a previous April 2026 placement. Board members Bami Bastani, Karin Raj and Todd Thomson, as well as Vathulya and CFO Heine Thorsgaard, are barred from selling shares until July 16, subject to customary exceptions. No new lock?up was attached to the latest placement, but the old restrictions remain in force.
The next quarterly report, due in August, will be the first real test of whether the fresh liquidity can convert the rapidly expanding pipeline into tangible revenue. For now, the market is pricing in the dilution risk and waiting to see if the laser?chip maker’s technology can live up to the hype that attracted so many institutional investors in the first place.
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