Shares of Sivers Semiconductors surged 14.3% to $2.70 on September 17 after the Swedish chip designer announced a plan to merge its Sivers Photonics subsidiary with Nordic Acquisition Corporation, a special-purpose acquisition company. The deal promises to carve out the photonics unit as a separately listed entity — but for a company with a market cap well under $100 million, the execution risks are substantial. Sivers Bets Its Photonics Future on a SPAC Merger — Will the Market Buy a Complex Spinoff From a Company Still Burning Cash?
Shares of Sivers Semiconductors jumped 14.3% to $2.70 after the company revived plans to merge its Photonics subsidiary with byNordic Acquisition Corporation, a blank-check company, in a deal that would create a standalone, U.S.-listed laser chipmaker. For a loss-making micro-cap, the stakes are enormous: get this right, and Sivers hands investors two pure-play stories; get it wrong, and a prolonged, capital-draining process deepens an already difficult financial picture.
• A Shrinking SPAC Forces the Clock. byNordic just extended its merger deadline to October 12, 2026, depositing a mere $8,850 into its trust account.
The SPAC raised $175.9 million in its 2022 IPO , but massive redemptions have gutted that war chest — as of year-end 2025, only about $5.5 million remained available for a transaction before fees.
Redemption rates across SPACs often exceed 95% , meaning the "significant cash reserves" Sivers touts may amount to very little unless fresh financing materializes.
• The Core Business Is Still Losing Money. Q2 2026 net sales fell 12% year-over-year to SEK 53.8 million , and adjusted EBITDA was negative SEK 35.5 million. Management frames this as a deliberate shift away from one-time engineering fees toward recurring product sales, expecting the payoff to become visible in Q4 2026 and accelerate through 2027. Until that inflection arrives, any transaction adds complexity atop persistent cash burn.
• The AI Angle Gives Bulls Something to Cling To. Sivers Photonics develops customizable lasers for AI infrastructure, data-center connectivity, healthcare sensors, and automotive lidar.
Management estimates the chip-to-chip connectivity market for AI alone could reach $5 billion by 2027.
Sivers's opportunity pipeline expanded to $1.2 billion as of July 2026, up 268% from year-end 2025. Those are aspirational figures, not booked revenue — but they explain why traders bid the stock up.
• History Says Caution Is Warranted. More than 90% of de-SPAC companies have historically traded below their $10 IPO price after completing mergers.
High redemption rates remain the single most common cause of de-SPAC failure or restructuring. With byNordic's trust nearly empty and no definitive agreement signed, today's pop prices in hope — not certainty.
The bottom line: Sivers is betting a carve-out can spotlight its AI-linked photonics assets and draw U.S. capital. The logic is sound; the execution path, given a nearly depleted SPAC and unproven revenue ramp, is anything but guaranteed.