Sivers Semiconductors AB puts on hold the de-SPAC merger discussions with byNordic Acquisition Corporation, removing uncertainty in the market
Rhea-AI Summary
Sivers Semiconductors AB has announced the suspension of de-SPAC merger discussions with byNordic Acquisition (NASDAQ: BYNO) regarding the proposed business combination with Sivers Photonics The decision was made after thorough evaluation and feedback from financial advisors, citing challenging US market conditions for small-cap companies and SPAC performance. Despite acknowledging the undervaluation of their photonics business in AI datacenters, the company determined current capital markets are not conducive to executing SPAC mergers successfully. Sivers' board remains committed to exploring other opportunities to unlock value in both photonics for AI datacenters and beamformers for satellite communications markets.
Positive
- Company maintains strong position in AI datacenter photonics and satellite communications markets
- Decision removes market uncertainty
Negative
- Termination of potential merger opportunity
- Challenging market conditions for small-cap companies affecting strategic options
- Photonics business remains potentially undervalued within current structure
News Market Reaction 1 Alert
On the day this news was published, BYNO declined 0.35%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
KISTA,
"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. Consequently, we have elected to put our pencils down on this opportunity. We appreciate all the efforts of ByNordic's team, and wish them success", said Bami Bastani, Chairman of the Board of Directors of Sivers Semiconductors AB. "Meanwhile our Board and management team remain committed to continuing to identify and execute opportunities to unlock the value of our remarkable opportunities in both photonics for AI datacenters as well as beamformers for satellite communications markets."
The decision was made after a thorough evaluation as well as feedback from Sivers' financial advisors, due to the US market conditions surrounding the small cap companies, and SPACs' performance in the current market environment.
For more information, please contact:
Dr. Bami Bastani, Chairman of the Board of Directors
Tel: +1 908 87 28 370
E-mail: bami.bastani@sivers-semiconductors.com
This disclosure contains information that Sivers Semiconductors is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the contact person set out, on 11 November 2024 at 07:15 CET.
About Sivers Semiconductors AB
We are Critical Enablers of a Greener Data Economy with Energy Efficient Photonics & Wireless Solutions. Our differentiated high-fidelity laser and RF beamformer technologies help our customers in key markets such as AI datacenters, SATCOM, Defense and Telecom solve essential performance challenges while enabling a much greener footprint. Visit us at: www.sivers-semiconductors.com
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The following files are available for download:
Sivers SPAC_PR_EN_20241111_Final |
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SOURCE Sivers Semiconductors
FAQ
Why did Sivers Semiconductors halt merger discussions with byNordic (BYNO)?
What was the proposed merger between Sivers and byNordic (BYNO) about?
What are Sivers Semiconductors' main business areas after canceling the BYNO merger?
