The leadership of Sivers Semiconductors has acquired shares of the Swedish photonics company just before the expiry of the lock-up period, committing to hold them for at least twelve months. The stock has seen a decline of 64.77% in the last month.
On July 13, the directors and the CEO of Sivers Semiconductors purchased shares of the company, three days before the expiration of the lock-up agreement that had prevented them from selling since the placement in April. All acquired shares must be held for at least twelve months.
Among the buyers are board members Bami Bastani, Karin Raj, Todd Thomson, Helena Svancar, and Joakim Nideborn, as well as CEO Vickram Vathulya. The transaction was previously approved by the general meeting of shareholders.
The shares closed the last weekly session at 3.19 euros, a rise of 2.84%, but have accumulated a drop of 64.77% in just thirty days. The decline from the 52-week high of 10.23 euros reached on June 3 has already exceeded 68%.
A Capital Increase That Dilutes Shareholders
On July 1, the board approved a directed issuance of 12,280,701 shares at a price of 57 Swedish crowns per share, raising approximately 700 million Swedish crowns (between 600 and 700 million, according to other sources). The operation, executed through an accelerated bookbuilding process, was oversubscribed several times and attracted both Swedish and international institutional investors.
The funds will be used for the manufacture of indium phosphide lasers and optical amplifiers, critical components for artificial intelligence data centres, satellite communications, defence, and LiDAR systems for autonomous driving. The capital increase has diluted minority shareholders, which partly explains the sharp stock market decline.
The relative strength index (RSI) stood at 36.4, which technically indicates an oversold condition that could explain the recent rebound, although the trend remains clearly bearish.
The weekly chart offers no comfort: the stock is trading well below its moving averages, and the support level of 3 euros is getting closer. The directors have put their own money on the line with a twelve-month horizon, but the market is still focused on August 27.
Accounting Delay Due to Nasdaq Adaptation
The earnings calendar has been disrupted by preparations to list in the United States. Sivers is adapting its consolidated financial statements for the 2024 and 2025 fiscal years to the transparency requirements of the Public Company Accounting Oversight Board (PCAOB), the body that oversees auditors of U.S. companies. This process, known as audit uplift, is a mandatory step before applying for dual listing on the Nasdaq.
As a result, the second-quarter report, initially expected at the end of July, will be published on August 27. From there, the schedule will be rearranged: third-quarter results will arrive on November 26, and the annual accounts for 2026 will be released on February 25, 2027.
CEO Vickram Vathulya has described this effort as "necessary to provide the quality that international institutional investors expect."
At the same time, the lender Bootstrap Europe has converted a 12 million dollar loan into new ordinary shares, a move that reduces net debt and gives Sivers more financial leeway to pursue expansion in the United States.
The company had already completed another capital increase in April worth about 700 million crowns, with a commitment not to issue new shares for 180 days, a commitment from which Pareto Securities, the placement bank, exempted it to allow the July operation.
For investors, the key date is August 27: the numbers adjusted to U.S. regulations will show whether the stock market punishment has been excessive or if more correction lies ahead. In the meantime, the executives' purchase is a sign of confidence, but the market remains dominated by uncertainty.
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