News: Optoelectronics
13 November 2024
Sivers pauses discussions on spinning off Photonics subsidiary
Sivers Semiconductors AB of Kista, Sweden (which supplies RF beam-former ICs for SATCOMs and photonic lasers for AI data centers) says that its board of directors has decided to put on hold its discussions with byNordic Acquisition Corp (BYNO) — a publicly traded special purpose acquisition company (SPAC) — regarding the proposed business combination with its subsidiary Sivers Photonics Ltd of Glasgow, Scotland, UK 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 data centers, the capital markets for successfully executing SPAC mergers remain challenging. Consequently, we have elected to put our pencils down on this opportunity,” says Sivers Semiconductors’ chairman Bami Bastani. “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 data centers as well as beam-formers for satellite communications markets,” he adds.
Sivers says that the decision was made after a thorough evaluation as well as feedback from its financial advisors, due to the US market conditions surrounding small-cap companies, and SPACs’ performance in the current market environment.
Sivers to spin off Photonics subsidiary as NASDAQ-traded firm with Silicon Valley HQ
