Sivers Semiconductors: Accounting Restatement and Capital Raise Overshadow Insider Buying as US Listing Looms
Published on 07/16/2026 at 19:25 | Redaktion boerse-global.de
Sivers Semiconductors finds itself in the grip of a punishing market correction as it pushes ahead with plans for a secondary listing on the Nasdaq. The Swedish chipmaker has had to restate its financials to meet US auditing standards, revealing a deeper net loss than previously reported, while a 700 million Swedish krona share placement has diluted existing holders. Even coordinated insider purchases by the board and CEO have failed to stem the selling pressure, with the stock shedding more than 12 percent in a single session.
Shares tumbled 12.24 percent on Thursday to close at €3.11, leaving the equity nearly 70 percent below its 52-week high of €10.23 reached on June 3. Over the past 30 days, the stock has lost over 62 percent of its value. The bearish momentum is underscored by technical indicators: the current price sits well below the 50-day moving average of €6.13 and the 100-day moving average of €3.86. A 30-day annualized volatility reading above 151 percent reflects deep investor skittishness heading into every new announcement.
The accounting overhaul that triggered the latest leg down came as Sivers prepared its financial reporting for PCAOB standards, a prerequisite for the planned US listing. In a restatement disclosed in May, the company revised its 2025 net loss upward to 222.6 million Swedish kronor from the previously reported 186.5 million kronor. Revenue for 2024 was also trimmed to 219.2 million kronor from 243.7 million kronor. Management attributed the changes to a reclassification of revenue between reporting periods and revised inventory valuations. Though the adjustments were necessary for compliance, they have heightened market scrutiny of the company’s path to profitability.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The parallel capital injection added further downward pressure. On June 30 the board resolved, and on July 1 confirmed, a directed share placement of 12,280,701 new shares at an issue price of 57 Swedish kronor each, raising roughly 700 million kronor. The accelerated bookbuilding offering was multiple times oversubscribed, attracting both new and existing institutional investors from Sweden and abroad. Proceeds are earmarked for expanding production capacity for indium-phosphide lasers and optical amplifiers — components destined for AI data centers and LiDAR applications. Yet the dilutive effect has weighed heavily on the stock in the following weeks.
Insiders moved to signal confidence on July 13, when five non-executive board members — Bami Bastani, Karin Raj, Helena Svancar, Todd Thomson and Joakim Nideborn — each purchased roughly 500,000 Swedish kronor worth of shares. CEO Vickram Vathulya invested approximately 950,000 kronor. Under the program approved at the annual general meeting, the acquired shares are subject to a mandatory 12-month holding period, precluding any quick profit-taking. Notably, the buying spree came just three days before a key lock-up agreement expired on July 16, adding to the uncertainty around near-term supply.
The financial reporting calendar has also been reshuffled mid-process. On July 9, Sivers confirmed it would delay its interim reports to align with the stricter US auditing requirements. Investors now face a prolonged wait: the second-quarter 2026 report is scheduled for August 27, followed by the third-quarter report on November 26 and the fourth-quarter report on February 25, 2027. Until those numbers are released, the market is left weighing dilution, restated losses, and insider buying against the long-term potential of a Nasdaq listing — a calculus that has so far produced only falling prices.
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