Sivers Semiconductors has completed a capital increase of 700 million Swedish kronor (€67 million) and converted a loan into shares, but its stock has plummeted 55% in thirty days. Auditors doubt its viability.
The money has arrived, but confidence has not. Sivers Semiconductors closed a capital increase of 700 million Swedish kronor (about €67 million) aimed at institutional investors and converted a $12 million loan into shares. However, far from stabilising, the stock has lost over 55% in just thirty days. The share price is around €3.55, down 6% in Wednesday's session, and has accumulated a weekly decline of 33.7%.
Auditors question the company's continuity
The problem is not the lack of funding, but the perfect storm surrounding the Swedish semiconductor company. The auditors themselves have expressed doubts about Sivers' ability to continue as a going concern. Short sellers have intensified their attacks, and the market is witnessing a dilution effect of 6.4% following the issuance of 22.8 million new shares to settle debts with Bootstrap Europe. The total number of shares thus rises to 355 million.
To these internal factors is added an external giant that is absorbing liquidity: the South Korean manufacturer SK Hynix is preparing for an IPO on Nasdaq for up to $29 billion. An operation of that scale drains investor appetite for smaller stocks like Sivers, whose market capitalisation is a fraction of that amount.
Management ties its hands to stop the haemorrhage
The company has tried to contain the bleeding with gestures of confidence. Its CEO, Vickram Vathulya, and CFO, Heine Thorsgaard, have signed retention agreements that prevent them from selling shares until mid-July 2026. The message is clear: the management is betting on the viability plan, which relies on contracts worth nearly $800 million linked to artificial intelligence data centres and defence projects.
"The capital increase was multiple times oversubscribed by institutional investors from Sweden and abroad," the company stated in a press release.
The destination of the funds is specific: the manufacturing of indium phosphide lasers and optical amplifiers, key components for AI data centres and LiDAR systems for automotive applications. The goal is to accelerate the technological roadmap and reach the market sooner. But as long as operational execution does not translate into results, scepticism will prevail.
Technical indicators in oversold territory
Technical indicators paint an extreme picture. The annualised volatility over the last 30 days has surged to 219%. The RSI stands at 33.7, which technically indicates oversold territory. However, the price has plummeted 65.3% from its 52-week high of €10.23 reached on June 3. The 50-session average, at €6.21, is 42.8% above the current close.
To put the figures into perspective, the stock touched €0.27 on March 3, 2026. Since that low, the revaluation remains at 1,240%, which puts the magnitude of the recent correction into context. But the short-term damage is undeniable.
Next key date: August 6
All eyes are on August 6, the date when Sivers will present its second-quarter accounts. On that day, the management team will need to demonstrate with numbers that the new financial structure is starting to bear fruit. Otherwise, the next round of sales could be even harsher.
For the retail investor, the current scenario is high risk: extreme volatility and auditors' doubts recommend maximum caution. Those holding positions will need to pay close attention to the second-quarter figures, which will determine whether the company can steer back on course or if the correction continues.
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