Sivers Semiconductors: CEO Goes Against the Grain as Lock-Up Expiry Triggers Boardroom Exodus
Published on 07/23/2026 at 04:50 | Redaktion boerse-global.de
The diverging paths taken by Sivers Semiconductors' top executives are creating a confusing picture for investors, with the company's chief executive doubling down on his stake just as other board members rush for the exits. The Swedish chipmaker's stock has been caught in a violent downdraft, shedding 13.4 percent in a single session to close at €3.24, extending a monthly rout that now stands at 61.54 percent.
At the heart of the turbulence lies the expiration of a lock-up agreement tied to the company's April share issuance. The restriction, which had prevented insiders from trading shares acquired in the directed equity offering, lapsed on July 16. What followed was a flurry of insider filings that reveal a deeply fractured leadership.
CEO Vickram Vathulya has taken the contrarian position, purchasing 70,000 additional shares to bring his total holdings to 4,540,076 shares, supplemented by 3.7 million employee options. His vote of confidence comes at a time when the stock is trading 68.29 percent below its 52-week high of €10.23, reached on June 3, yet still more than eleven times above the year's nadir of €0.265 from March 3.
Chairman Bami Bastani has moved decisively in the opposite direction. He donated 60,000 shares to charitable organizations, gifted 70,000 to family members, and sold a further 275,000 shares on July 16. His remaining stake of 381,360 shares includes 11,360 that are now subject to a fresh one-year lock-up. Bastani also retains 625,000 employee options.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
The situation grows more complex with board member Todd Thomson, whose holdings are structured through multiple vehicles. His private investment firm Headwaters Capital LLC sold 950,000 shares and donated another 50,000 to charity by July 22. Separately, Kairos Ventures — a fund that entered Sivers' orbit in 2022 through the acquisition of portfolio company Mixcomm — has been steadily reducing its position. The fund's investment committee decided to distribute some remaining shares to investors who wish to retain them while liquidating the rest. Despite these moves, Thomson remains the largest shareholder among board members with 477,027 shares.
The selling spree stands in stark contrast to a share purchase program that concluded just weeks earlier. In early July, board members Bami Bastani, Karin Raj, Helena Svancar, Todd Thomson, and Joakim Nideborn acquired shares under a resolution passed at the annual general meeting. Those shares carry a mandatory twelve-month holding period, suggesting the recent disposals involve different tranches of stock.
The April capital raise that triggered the lock-up was itself a significant event. The board authorized a directed issuance of 12,280,701 ordinary shares, raising approximately 700 million Swedish kronor at a subscription price of 57 kronor per share through an accelerated bookbuilding process. The offering was multiple times oversubscribed, attracting both Swedish and international institutional investors, including new and existing shareholders.
Trading restrictions are about to tighten further. Under Article 19(11) of the EU Market Abuse Regulation, a closed period begins on July 28 and runs until the release of second-quarter results on August 27, when Sivers will report before the opening bell on Nasdaq Stockholm. No insider transactions will be permitted during this window, effectively silencing the conflicting signals from the boardroom.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
The stock's behavior underscores the extreme volatility that has come to define Sivers' recent trading. With a 30-day annualized volatility approaching 164 percent, the shares rank among the most turbulent in the market. The relative strength index stands at 38.9, technically short of oversold territory but reflecting the persistent selling pressure.
The company maintains that executives continue to hold significant personal stakes and remain committed to the long-term strategy. Yet for the market, the coming weeks offer no resolution. Until the quarterly numbers land on August 27, investors must navigate the uncomfortable reality of a CEO buying while his board sells, with no new facts to break the deadlock.
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