Sivers Semiconductors Surges 16% as €62M Capital Raise Eases Dilution Fears, But Nasdaq Listing Remains in Limbo

The Swedish photonics and wireless chip specialist staged a sharp recovery on Friday, with shares climbing as much as 16 percent to €5.18 before settling at €5.10 — a 14.66 percent gain from the previous close of €4.45. The bounce marks the first meaningful counter-move to a brutal selloff that had wiped out more than half the stock’s value since its record high of €10.23 on June 3.

Friday’s rally came after investors digested the details of a €62 million equity placement that had initially sparked panic. The capital increase was priced at a significant discount to market, triggering an 18 percent plunge the following day as shareholders feared heavy dilution. However, Redeye analysts quickly pushed back, estimating the actual dilution at just 3.3 percent — a figure that helped draw buyers back into the fold.

The proceeds are earmarked for scaling production of specialized laser sources and optical amplifiers critical for data transmission in AI-focused data centers. Redeye responded by lifting its price target on the stock to 68 Swedish kronor, betting that the company’s technology bet could translate into future revenue growth.

The technical backdrop remains fraught. Over the past 30 days, the stock is still down nearly 39 percent, with annualized volatility hovering above 210 percent. The 14-day relative strength index stood at 40.3, signaling deeply oversold conditions. Yet from the 52-week low of €0.27 recorded in March, the shares remain up more than 1,800 percent.

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

The road to recovery is complicated by unresolved governance and regulatory issues. At the annual general meeting on June 15, the board was forced to withdraw a proposal to issue up to 53.8 million new shares for a secondary listing on the Nasdaq, which would have diluted existing holders by roughly 15 percent. The vote was pulled to allow a newly reconstituted board to review an employee compensation plan first. The leadership shuffle saw Vice-Chairman Tomas Duffy and founders Erik Fallström and Keith Halsey resign ahead of the meeting. Joakim Nideborn was elected deputy chairman, Helena Svancar joined the board, and Bami Bastani retained the chairmanship. The board secured a general mandate to issue a comparable number of shares in the future but set no new timeline for the US listing.

Adding to the pressure, short-seller Ningi Research published a report on June 1 questioning at least SEK 97 million of Sivers’ 2025 revenue — roughly 31 percent of the total reported. The firm alleged that the company had booked revenue from products not yet manufactured and classified government research grants as commercial income. Sivers has yet to issue a detailed public rebuttal.

Despite the turmoil, some analysts point to the underlying operational momentum. The order backlog has swelled 77 percent since the start of the year to $799 million. Yet revenue in the first quarter of 2026 fell 22 percent year-over-year to SEK 61.9 million, with CEO Vickram Vathulya blaming the Q4 2025 US government shutdown and delayed defense budgets. The adjusted operating loss came in at SEK 13.8 million, while a switch to PCAOB accounting standards pushed the 2025 net loss from SEK 186.5 million to SEK 222.6 million.

The next major test arrives on August 6, when Sivers reports second-quarter results — the first big check on whether fresh capital and a growing pipeline can finally translate into top-line expansion. In the meantime, a critical insider lock-up period expires on July 16, 2026, adding another potential swing factor.