Sivers Semiconductors AB puts on hold the de-SPAC merger discussions with byNordic Acquisition Corporation, removing uncertainty in the market

Nov. 11, 2024

Sivers Semiconductors AB supplier of RF beamformers for Satellite Communications (SATCOM) and Photonics lasers for AI Datacenters, today announced that its Board of Directors has decided to put on hold its discussions with byNordic Acquisition Corporation (Nasdaq: BYNO) regarding the proposed business combination with Sivers Photonics Ltd, a subsidiary of Sivers Semiconductors, and release BYNO to seek other merger candidates.

"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.