Sivers Semiconductors AB witnessed a dramatic surge in its stock price on Monday, climbing nearly 33% to trade between SEK 50.50 and SEK 50.75 in early afternoon trading on the Stockholm exchange. The rally reflects growing investor enthusiasm for the company's strategic moves, including a planned SEK 125 million share issue and a potential dual listing on the Nasdaq New York exchange.
Shareholders face a critical deadline on Tuesday to register their intention to attend or vote by mail at the extraordinary general meeting scheduled for May 11. The meeting's primary agenda is to vote on a directed share issue, a private placement targeting institutional and qualified investors. This capital raise is seen as a key step toward funding the company's expansion and supporting its U.S. listing ambitions.
The company also announced a delay in the release of its 2025 annual report, now expected on May 15 instead of the original April 27 date. Sivers cited the need for additional time to complete audit work related to the potential Nasdaq New York dual listing. Despite this delay, the company reaffirmed its plan to publish first-quarter results on May 20.
Kista-based Sivers has not updated its website since an April 24 notice about the delayed annual report. The most recent disclosures remain from mid-April, covering the share issue, shareholder meeting, and a review of a Nasdaq New York listing. The company has stated that the U.S. listing review is intended to improve access to tech-centric U.S. capital markets without relocating its headquarters from Sweden. To facilitate this, Sivers is working to align its consolidated accounts for 2024 and 2025 with PCAOB standards, the audit rules required for firms trading on U.S. exchanges.
The targeted share issue aims to raise approximately SEK 125 million before costs, with the company offering 8.62 million ordinary shares at SEK 14.50 each. Key investors include DNB Disruptive Opportunities, DNB Nordic Small Cap, and Storebrand Sverigefond. The company noted that if approved, the placement would dilute existing shareholders by about 2.5% on a fully diluted basis. The board believes a directed issue is faster and less cumbersome than a rights issue, while also attracting new investors.
Investor interest in Sivers is part of a broader surge in demand for optical technology used in AI data centers. In April, Sivers announced that Jabil plans to develop a 1.6T linear receive optical transceiver, utilizing Sivers' distributed feedback lasers. The 1.6T refers to 1.6 terabits per second of throughput. Alex McCann, managing director of Sivers' photonics business, described energy efficiency in AI infrastructure as a hard requirement, while Jason Wildt, Jabil's VP and GM of photonics, noted that customers are demanding more bandwidth without increasing power consumption.
Competition in the optical networking space is intensifying. In March, Nvidia announced $2 billion investments in both Lumentum and Coherent, two larger players in the AI networking supply chain, along with purchase commitments. Sivers, however, remains unprofitable. For 2025, net sales increased 25% year-on-year to SEK 304.1 million, but the company recorded a net loss of SEK 186.5 million after tax. By the end of the fourth quarter, Sivers held only SEK 43.5 million in cash.
Investors are betting on a rally built on unfinished business: shareholder approval for the share issue is pending, the U.S. listing is still just a consideration, and ongoing audit reviews could potentially alter revenue timing, inventory figures, or share-option costs. Sivers maintains that any potential changes would not have a material effect on its financials or performance.
