Sivers Semiconductors: Lock-Up Expiry Triggers Insider Selling Spree as Nasdaq Listing Prepares to Reshape Balance Sheet
Published on 07/22/2026 at 11:41 | Redaktion boerse-global.de
The end of a share lock-up period at Sivers Semiconductors has unleashed a wave of insider disposals, sending the stock sharply lower even as the company pushes ahead with plans for a US listing and a sweeping accounting overhaul.
Shares in the Swedish photonics and wireless technology specialist tumbled 13.37 percent to €3.27 on Wednesday, extending a brutal run that has wiped more than 68 percent from the stock since its 52-week high of €10.23 on June 3. Over the past 30 days alone, the equity has lost 62.99 percent, with a further 7.95 percent decline in the last week.
The trigger for the latest leg down was not an operational disappointment but the expiration of a lock-up agreement tied to a directed share issue completed in April. Until July 16, 2026, board members and management had been barred from selling their holdings. Once the restriction lifted, they moved quickly.
Board Members and Venture Capital Backer Reduce Stakes
Chairman Bami Bastani was among the first to act. On July 16, he sold 275,000 shares, donated 60,000 to charitable organisations and gifted 70,000 to family members. He retains 381,360 shares and 625,000 employee options.
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A far larger exit came from board member Todd Thomson. His investment vehicle, Headwaters Capital LLC, sold 950,000 shares through July 22 and donated a further 50,000 to a non-profit. Thomson remains the largest individual shareholder on the board with 477,027 shares.
Kairos Ventures, the venture capital firm linked to Thomson that received its stake in 2022 through the sale of portfolio company Mixcomm to Sivers, also continued to pare its position. The firm's investment committee decided to distribute remaining shares to investors who wish to hold them, with the rest being sold on the open market.
Insider Buying Offers a Counterpoint
Not all insiders headed for the exit. Chief executive Vickram Vathulya took the opposite tack, purchasing 70,000 shares to increase his total holding to 4,540,076. Both his acquisition and Bastani's sales were reported to the Swedish financial regulator, Finansinspektionen.
The divergent insider moves come against a backdrop of extraordinary volatility. The stock's annualised 30-day volatility stands at 165.64 percent, reflecting deep market unease. The relative strength index of 38.1 signals the stock is approaching oversold territory, though the technical picture remains fragile after the steep descent from June's highs.
Accounting Overhaul for Nasdaq Listing
Behind the share price turbulence lies a fundamental corporate restructuring. Sivers is preparing a dual listing on the Nasdaq in New York, a move that has forced the company to restate its consolidated accounts for 2024 and 2025 in line with standards set by the US Public Company Accounting Oversight Board.
The so-called audit uplift, confirmed on July 21, has prompted Sivers to revise revenue recognition across reporting periods and to reassess inventory valuations and capitalised development costs. The restated net loss for 2025 now stands at approximately 223 million Swedish kronor. Due to the additional audit work, the second-quarter 2026 report has been pushed back to August 27.
Debt Conversion and Fresh Capital
The balance sheet has also undergone significant reshaping. On July 3, lender Bootstrap Europe converted a $12 million loan into roughly 22.8 million new ordinary shares, reducing debt while diluting existing holdings — a factor that has contributed to the downward pressure on the stock in recent weeks.
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That dilution was partly offset by a directed share issue of 12,280,701 shares, raising approximately 700 million Swedish kronor at a subscription price of 57 kronor per share. The offering was multiple times oversubscribed, attracting both Swedish and international institutional investors.
The proceeds are earmarked for expanding production capacity for indium phosphide lasers and optical amplifiers, key components for AI data centres and automotive LiDAR systems.
Closed Period Ahead
With the quarterly report now scheduled for August 27, a closed period under the EU Market Abuse Regulation begins on July 28. Until the results are published, insiders will be barred from trading, meaning no further insider transactions are expected in the coming weeks.
The next major catalysts for the stock are the second-quarter numbers and progress on the PCAOB-compliant audit, both of which will determine whether Sivers can sustain its Nasdaq listing ambitions and restore investor confidence after a punishing summer sell-off.
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