Sivers Semiconductors: 15% Dilution Greenlit as New Board Takes the Helm Amid Insider Investigation and Short-Seller Scrutiny
Published on 06/16/2026 at 21:13 | Redaktion boerse-global.de
Shareholders of Sivers Semiconductors approved a sweeping capital measure at Monday’s annual meeting in Stockholm, granting the board authority to issue up to 53.8 million new shares — a potential dilution of about 15%. The proceeds are earmarked for expansion in artificial intelligence and photonics, as well as potential acquisitions. The vote came as the company pushed ahead with its ambitions for a US listing, even though the planned Nasdaq-related referendum was pulled from the agenda at the last minute.
The management retreat on the Nasdaq vote followed a turbulent lead-up to the AGM. Swedish prosecutors are probing possible insider trading, and a short seller has been attacking the company’s accounts. Against that backdrop, three board members — including founding investors Erik Fallström and Keith Halsey — resigned shortly before the meeting. The decision to scrap the shareholder vote on a US listing was attributed to problems uncovered while switching to US accounting standards, which revealed deeper historical losses. Sivers’ adjusted net loss for 2025 has ballooned to roughly 222 million Swedish kronor.
Despite the Nasdaq hiccup, preparations for a US listing are continuing. Meanwhile, shareholders elected a partially renewed board. Bami Bastani remains chairman, with Joakim Nideborn stepping in as deputy chairman and Helena Svancar joining as a new member. Karin Raj and Todd Thomson were both confirmed in their roles. The new compensation structure gives the chairman 1,050,000 SEK annually, the deputy 600,000 SEK, and other board members 350,000 SEK. An equity-linked incentive plan worth 1,000,000 SEK per member was also ratified, with half paid in shares subject to a one-year lock-up.
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Alongside the share issuance authority, the AGM ratified a convertible note with Bootstrap Europe 4.0 S.Ă r.l. worth approximately $327,000, carrying a 10.85% interest rate and maturing at the end of 2029. No dividend will be paid for the 2025 financial year, with capital retained inside the business. Deloitte AB was reappointed as auditor.
Notably, three employee incentive programs — originally listed as items 14 to 16 on the agenda — were withdrawn. The board argued that the newly constituted body should first develop its own proposals, with a revised program to be presented at a future shareholder meeting.
The stock market has largely shrugged off the governance chaos. Sivers’ shares climbed 6.45% on Tuesday to 8.83 euros, having already surged more than 100% over the past 30 days. The rally has been nothing short of spectacular: from a 52-week low of 0.27 euros in March, the stock has multiplied more than thirtyfold. The 52-week high of 10.23 euros, set in early June, is now about 14% away. The current price sits roughly 81% above the 50-day moving average of 4.88 euros, and the relative strength index stands at 62.6 — elevated but not yet in overbought territory. Annualized volatility remains extreme at over 240%.
Investors are now looking ahead to second-quarter results due on 6 August. The company’s operational project pipeline has grown to $799 million, and management will need to convert those contracts into hard revenue in the second half of the year. Until then, the extraordinary swings in the stock look set to continue.
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