Shares shifted sharply as Sivers Semiconductors (SIVE.ST) clawed back 6.3% on July 15, trading at SEK 45.48, after a punishing two-week selloff that saw the stock crater more than 55% from its June 3 all-time high of SEK 110. The Swedish chipmaker's aggressive balance-sheet overhaul — a pair of dilutive capital moves in the span of three days — spooked investors, but a broader semiconductor rally and renewed scrutiny of the deal's details are now drawing buyers back in.
• Two Fundraises in Three Days Flooded the Market With New Shares
Sivers issued 12.28 million new shares at SEK 57 apiece, raising roughly SEK 700 million.
That price represented a 9.7% discount to the June 30 close.
Days later, lender Bootstrap Europe converted a $12 million note into approximately 22.8 million additional shares, diluting holders by roughly 6.4%.
Combined, the two moves added more than 35 million shares this summer — a gut punch to anyone holding before July.
• Investors Oversubscribed the Deal, Suggesting Real Institutional Conviction
The directed issue was multiple times oversubscribed, with both new and existing Swedish and international institutional investors participating. That matters because it signals professional money managers viewed the discounted price as a bargain, not a bailout. Proceeds are earmarked for expanding indium phosphide manufacturing capacity — specialty laser chips used in AI datacenters — where long equipment lead-times make early investment critical.
• A $799 Million Pipeline Sounds Big, but Revenue Is Still Shrinking
Sivers reported its project pipeline swelled 77% since year-end 2025 to a record $799 million. Yet first-quarter revenue slumped 22% year-on-year , and the company trades at roughly 41× trailing sales with a −74% profit margin. The gap between backlog promise and actual cash collection remains the central investor risk.
• Insider Lock-Ups Expire Tomorrow — a Key Sentiment Test
CEO Vathulya, CFO Thorsgaard, and several board members are barred from selling shares until July 16, 2026. That lock-up lifts tomorrow. Whether insiders hold or sell will send a loud signal about management's confidence heading into the August 6 earnings report, where the company expects delivery volumes to ramp meaningfully from 2027. Until pipeline converts to revenue, today's bounce is a bet on a future that hasn't arrived yet.