Sivers Semiconductors: A 15% Dilution Vote and a Nasdaq Dream Test Investor Patience

Sivers Semiconductors shareholders face a pivotal moment on June 15, when they vote on a proposal to issue up to 53.8 million new common shares — a potential 15% dilution that would bankroll organic growth, acquisitions and a secondary listing on the Nasdaq in New York. The meeting arrives just days after a brutal 15.79% single-session rout left the stock at €6.70, a far cry from the €10.23 yearly peak hit only two sessions earlier.

That volatility is baked into the equity’s character. The 30-day annualized volatility stands at 247%, and even after Friday’s slide the shares trade 71% above their 50-day moving average of €3.91. The wild swings underscore just how much of the rally has been driven by anticipation of the US expansion — and how quickly confidence can crack.

A credibility attack from multiple angles

The sell-off was amplified by a scathing TV appearance from Richard Bråse, portfolio manager at the Protean Aktiesparfond Norden. Speaking on Di TV, Bråse called the recent rally “completely unserious” and accused management of issuing press releases with no real substance to prop up the share price. His critique landed alongside a fresh short-seller report from Ningi Research that questioned revenue recognition and the legitimacy of customer contracts. US law firm Rosen Law Firm has also begun probing potential misleading business disclosures.

Swedish authorities are taking a separate interest. Prosecutor Jonas Myrdal has flagged “striking” timing and trading patterns surrounding the Nasdaq announcement, noting similarities to past pump-and-dump cases. An anonymous X account published precise details of the listing plans roughly 48 hours before the official release, and the Swedish Economic Crime Authority is now examining whether EU market abuse rules were violated.

Should investors sell immediately? Or is it worth buying Sivers Semiconductors?

Institutional exits and heavy short interest

Bråse is far from alone in his skepticism. Cicero Fonder, once one of the largest institutional holders, liquidated its entire position in May, selling its final 1.2 million shares for 468 million SEK. Meanwhile, reported short positions have reached 6.55% of the float, with Qube Research & Technologies, Voleon Capital Management and Two Sigma Investments actively betting against the stock.

The bearish thesis has a clear foundation in the numbers. First-quarter 2026 revenue came in at 61.9 million SEK, down 22% from 78.9 million a year earlier. The operating loss widened to minus 41.5 million SEK from minus 28.3 million, while adjusted EBITDA was negative 13.8 million SEK and operating cash flow stood at minus 49.2 million SEK. Management blames the weakness on delays from the US government shutdown and pending defense budgets.

A pipeline story that hasn’t yet delivered

Against that bleak operating picture, the company points to its “opportunity pipeline,” which has swelled 77% since the start of the year to $799 million. The argument goes that revenue will catch up in the second half of 2026, and that long-term annual sales growth of 25-30% is achievable from 2027. The June 2 announcement of a strategic cooperation with GlobalFoundries for AI data centers and optical interconnect solutions was the catalyst for the latest leg of the rally — albeit one that has since unraveled.

The credibility gap between pipeline promises and reported results is a core part of the bears’ case. Bråse explicitly dismissed the GlobalFoundries deal as lacking real substance. The upcoming shareholder vote will test whether retail and institutional holders share that view or are willing to back management’s vision.

Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.

Key decisions and a near-term catalyst

Beyond the dilution authorization, shareholders will also vote on a new option program covering up to 7 million shares — roughly 2% on a fully diluted basis — and the election of Helena Svancar and Joakim Nideborn to the board. The Nasdaq listing depends on an upgrade to PCAOB audit standards, which has already prompted revisions to the 2024 and 2025 consolidated financial statements, touching on revenue recognition, inventory valuation, stock-based compensation and capitalized development costs.

The next major operational checkpoint comes on August 6, when Sivers releases its half-year report. That print will either begin to validate the pipeline narrative or further embolden the critics. Until then, the stock remains hostage to sentiment, dilution anxiety and the timeline of the US listing — with volatility that shows no sign of abating.

Ad

Sivers Semiconductors Stock: New Analysis - 7 June

Fresh Sivers Semiconductors information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

Read our updated Sivers Semiconductors analysis...

en | SE0003917798 | SIVERS | boerse | 69496311 |