Sivers Semiconductors Halts Plans to Spin off Photonics Business

The board of Sivers Semiconductors is pausing its discussions related to the proposed business combination between subsidiary Sivers Photonics and special purpose acquisition company (SPAC) ByNordic.

“While we agree with ByNordic's thesis that our photonics business is highly undervalued in Sivers' current market capitalization with its critical positioning in the upcoming AI datacenters, the capital markets for successfully executing SPAC mergers remain challenging,” said Bami Bastani, chairman of the board of directors of Sivers Semiconductors AB. “Consequently, we have elected to put our pencils down on this opportunity.”

According to the company, the decision was made after a thorough evaluation and feedback from Sivers' financial advisors, noting U.S. market conditions surrounding the small cap companies and the performance of SPACs in the current market environment.

Sivers Photonics is a supplier of semiconductor photonic devices with a particular focus on indium phosphide laser sources. The company develops customizable lasers aimed at high-growth AI infrastructure and sensing applications for data centers, consumer healthcare, and automotive lidar.

Sivers Semiconductors comprises two wholly owned subsidiaries addressing two different markets: wireless and photonics. The company supplies integrated chips and modules critical for high-performance gigabit wireless and optical networks. Its solutions find application in telecommunications, aerospace, satellite communications, optical networking, and sensing. The company recently named Vickram Vathulya as president and CEO.