Sivers Semiconductors: Insider Probe and Board Exodus Fuel a Short-Seller Onslaught
20.06.2026 - 10:41:39 | boerse-global.de
The stock has surged more than 75% in the past month, but the forces working against Sivers Semiconductors are stacking up. Short interest has jumped to 17% of outstanding shares — up from just 1.6% in early March — while Swedish prosecutors investigate a potential breach of EU market-abuse rules. The parallel narratives of a penny-stock revival and a governance crisis are colliding with unusual ferocity.
Two days before the annual general meeting on June 15 in Stockholm, an anonymous account published details of a planned Nasdaq secondary listing exactly 48 hours before the official announcement. That leak triggered a probe by Swedish authorities under the Market Abuse Regulation. On the same day, three board members resigned: vice chairman Tomas Duffy, and founders Erik Fallström and Keith Halsey. The planned employee share programs were also pulled from the agenda.
The boardroom overhaul reshuffled the leadership deck. Bami Bastani remains chairman. Joakim Nideborn was elected deputy chairman — and will take over investor relations, a role critical to reviving the Nasdaq ambitions. Helena Svancar, with two decades of M&A experience, also joined the board. But the item that mattered most to shareholders — a vote on up to 53.8 million new shares for a Nasdaq dual listing, which would have diluted existing holders by roughly 15% — was withdrawn moments before the vote.
Shareholders did approve one financing move: a secured convertible loan of approximately $327,000 from Bootstrap Europe 4.0, carrying an interest rate of 10.85% per year and maturing on December 31, 2029. Dividends for fiscal 2025 are off the table.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Behind the governance drama lies a company with a booming pipeline — and serious accounting questions. Sivers’ opportunity pipeline grew 77% since the end of 2025 to $799 million, driven by demand for co-packaged optics in AI data centers. A partnership with GlobalFoundries announced in early June targets a $25 billion addressable market by 2030. Another production deal with contract manufacturer Jabil is meant to secure capacity. Optimists see 2027 as the year pipeline turns into real revenue.
But first-quarter results landed with a thud. Net revenue fell 22% to SEK 61.9 million, and adjusted EBITDA came in at minus SEK 13.8 million. Management blamed the U.S. government shutdown in late 2024 and unfavorable exchange rates. More damaging: short-seller Ningi Research has alleged that at least SEK 97 million — about 31% of stated 2025 revenue — may be questionable, involving revenue from products not yet produced and government research subsidies booked as commercial income. Sivers has already restated its 2024 and 2025 accounts under PCAOB standards, and the net loss for 2025 widened from SEK 186.5 million to SEK 222.6 million.
The stock closed last week at €8.65, up 3.28% on the week and 75.6% on the month. Since hitting a 52-week low of €0.27 in March 2026, the share price has multiplied more than 30 times. The annualized 30-day volatility stands at 236%. The RSI is at 60.5 — elevated but not yet extreme. With short interest at 17%, the potential for a squeeze is the dominant topic among retail traders. Richard Bråse of asset manager Protean called the current valuation "totally fanciful," while Nordnet analyst Calle Soderberg warned that many participants are "dancing near the exit."
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
On the other side of the trade, institutional buying is being forced by index inclusion. Sivers joined the OMX Stockholm Benchmark Index on June 1 and was later added to the MSCI Small-Cap Index, obligating ETFs and passive funds to buy regardless of price. The market capitalization stands at roughly SEK 23.5 billion — a lofty multiple for a company burning cash.
The next hard data point arrives on August 6, 2026, when Sivers reports second-quarter results. By then, the new board will have had time to craft its own proposals for employee programs and the Nasdaq relisting. Whether the pipeline growth translates into actual revenue — and how the short sellers react — will determine whether this rally has legs or is just the prelude to a reckoning.
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