Sivers Semiconductors Raises SEK 700 Million in Oversubscribed Placement, but Shares Continue to Sink
Published on 07/07/2026 at 05:06 | Redaktion boerse-global.de
The disconnect could hardly be starker. Sivers Semiconductors has just pulled off a heavily oversubscribed capital raise worth roughly SEK 700 million, attracting both new and existing institutional investors in Sweden and abroad. Yet the company’s stock closed Monday at €4.25, a level not seen since the photonics and wireless chip specialist’s recent peak in early June. The share price has now shed more than half its value from that June 3 high, leaving a market that broadly welcomed the fresh cash also deeply skeptical of the dilution that came with it.
The directed share placement, priced at a 9.7% discount to the June 30 closing price on Nasdaq Stockholm, added approximately 12.3 million new shares to the float. Pareto Securities ran the accelerated bookbuilding, which wrapped up and priced on July 1. Despite the discount, demand overwhelmed supply, a sign that institutional appetite for the company’s exposure to artificial intelligence, satellite communications and defense markets remains robust.
Chief executive Vickram Vathulya described the round as far more than balance-sheet window-dressing. The proceeds, he said, will allow Sivers to ramp up investment in indium phosphide photonics manufacturing capacity and accelerate research cycles. The company intends to channel the capital into its highest-growth verticals, betting that its chip and photonics components will capture a growing share of spending on AI infrastructure and space-based connectivity.
Yet the stock’s reaction tells a different story. Monday’s close at €4.25 followed a 7-day slide of 27.3% and a monthly loss of 46.5%. The 50-day moving average stands at €6.18, well above the current price, and the relative strength index of 36.7 indicates persistent downside momentum without reaching technically oversold territory. The annualized 30-day volatility of 219.5% underscores how violently the shares have swung during the latest capital moves.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Adding to the dilution burden, Sivers concluded a debt-to-equity conversion just days before the placement. Lender Bootstrap Europe agreed to swap a $12 million convertible note into roughly 23 million new common shares, diluting existing holders by approximately 6.4%. Chief financial officer Heine Thorsgaard argued the move materially strengthens the balance sheet, even as the combined effect of the two transactions has swelled the share count significantly.
Insiders have been subjected to holding periods, though not from the current placement. Lock-up agreements stemming from an earlier directed share issuance on April 16, 2026, remain in force: board members Bami Bastani, Karin Raj and Todd Thomson, along with CEO Vathulya and CFO Thorsgaard, are barred from selling their shares until July 16, 2026, barring standard exceptions. Sivers chose not to impose new lock-ups for the latest round, citing the continued applicability of the older restrictions. Notably, the placement proceeded after Pareto Securities granted a waiver from a 180-day lock-up period that had applied since that April transaction.
Meanwhile, the company is pressing ahead with plans for a secondary listing in the United States. Vathulya confirmed that the accounting and legal work required to meet PCAOB standards for its 2024 and 2025 consolidated financials is underway, with a Nasdaq New York listing likely between late 2026 and early 2027. The process had been flagged earlier this year when Sivers began converting its reporting framework.
Operationally, the picture is mixed. First-quarter revenue slumped 22% year-on-year, which management attributed to delays in the US defense budget and currency headwinds. On the brighter side, the order pipeline has swollen to roughly $800 million, and the company expects delivery volumes to pick up markedly from 2027. At the annual general meeting in June, shareholders approved a six-figure convertible loan at an interest rate of about 11% and running through 2029, while also endorsing a zero-dividend policy for 2025.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
The persistent overhang of short-seller allegations, auditor doubts about the company’s ability to continue as a going concern, and several unresolved regulatory investigations have done little to reassure the market. The combination of dilution, debt conversion and an ambitious but costly US listing push has left the stock under relentless pressure.
Sivers’ next scheduled financial update is due in August. Until then, the market will watch whether the company can convert its swelling project pipeline into revenue that justifies the fresh capital – and whether the ongoing investigations and going-concern questions will eventually recede. For a stock that has already lost nearly half its value in a month, the stakes could hardly be higher.
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