KISTA, Sweden, Aug. 7, 2024 — Sivers Semiconductors plans to merge its Sivers Photonics Ltd subsidiary with byNordic Acquisition Corporation, a publicly traded special purpose acquisition company (SPAC). The proposed transaction would create a standalone, publicly traded photonics company.
Sivers and byNordic have entered into a non-binding letter of intent for the planned transaction. Once the merger is finalized, the newly formed company plans to establish headquarters in Silicon Valley with manufacturing operations in the U.K.
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.
“With the attractive opportunity for silicon photonics in AI infrastructure and the emerging demand for photonic biometric sensors, we feel now is the right time to shine a light on this business unit as a standalone entity to gain access to the U.S. capital markets and create an opportunity for our shareholders to participate in its potential future success,” said Bami Bastani, chairman of Sivers Semiconductor.
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, effective Aug. 19.