Sivers Semiconductors AB puts on hold the de-SPAC merger discussions with byNordic Acquisition Corporation, removing uncertainty in the market
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.
Sivers Semiconductors AB ha annunciato la sospensione delle discussioni riguardanti la fusione de-SPAC con byNordic Acquisition (NASDAQ: BYNO) per la proposta di combinazione aziendale con Sivers Photonics. La decisione è stata presa dopo un'attenta valutazione e il feedback degli advisor finanziari, citando le difficili condizioni del mercato statunitense per le aziende a bassa capitalizzazione e le performance degli SPAC. Nonostante il riconoscimento della sottovalutazione del loro business nel settore della fotonica nei data center AI, l'azienda ha determinato che i mercati finanziari attuali non sono favorevoli per realizzare con successo le fusioni SPAC. Il consiglio di Sivers rimane impegnato a esplorare altre opportunità per sbloccare valore sia nella fotonica per data center AI che nei beamformer per i mercati delle comunicazioni satellitari.
Sivers Semiconductors AB ha anunciado la suspensión de las discusiones sobre la fusión de-SPAC con byNordic Acquisition (NASDAQ: BYNO) respecto a la propuesta de combinación empresarial con Sivers Photonics. La decisión fue tomada tras una evaluación exhaustiva y la retroalimentación de asesores financieros, citando las difíciles condiciones del mercado estadounidense para las empresas de pequeña capitalización y el rendimiento de los SPAC. A pesar de reconocer la subvaluación de su negocio de fotónica en centros de datos de IA, la empresa determinó que los mercados de capital actuales no son propicios para ejecutar con éxito fusiones SPAC. La junta directiva de Sivers sigue comprometida a explorar otras oportunidades para desbloquear valor tanto en fotónica para centros de datos de IA como en beamformers para los mercados de comunicaciones por satélite.
Sivers Semiconductors AB는 byNordic Acquisition (NASDAQ: BYNO)와의 de-SPAC 합병 논의 중단을 발표했습니다. 이는 Sivers Photonics와의 제안된 사업 결합과 관련된 것입니다. 이 결정은 철저한 평가와 재무 자문가들의 피드백을 바탕으로 내린 것으로, 소형 기업과 SPAC 성과에 대한 미국 시장의 어려운 상황을 이유로 들고 있습니다. AI 데이터 센터에서의 광학 사업의 저평가를 인정했지만, 회사는 현재 자본 시장이 SPAC 합병을 성공적으로 수행하는 데 적합하지 않다고 판단했습니다. Sivers의 이사회는 AI 데이터 센터용 광학 및 위성 통신 시장의 빔포머에서 가치를 확보하기 위한 다른 기회를 모색하는 데 계속 전념하고 있습니다.
Sivers Semiconductors AB a annoncé la suspension des discussions de fusion de-SPAC avec byNordic Acquisition (NASDAQ: BYNO) concernant la proposition de combinaison d'entreprises avec Sivers Photonics. Cette décision a été prise après une évaluation approfondie et des retours de conseillers financiers, citant des conditions de marché difficiles aux États-Unis pour les petites entreprises et les performances des SPAC. Bien qu'ils aient reconnu la sous-évaluation de leur activité photonique dans les centres de données IA, la société a déterminé que les marchés de capitaux actuels ne sont pas propices à la réussite des fusions SPAC. Le conseil d'administration de Sivers reste déterminé à explorer d'autres opportunités pour débloquer de la valeur tant dans la photonique pour les centres de données IA que dans les beamformers pour les marchés des communications par satellite.
Sivers Semiconductors AB hat die Aussetzung der de-SPAC Fusionsverhandlungen mit byNordic Acquisition (NASDAQ: BYNO) bezüglich der vorgeschlagenen Geschäftskombination mit Sivers Photonics bekannt gegeben. Diese Entscheidung wurde nach einer gründlichen Bewertung und Rückmeldung von Finanzberatern getroffen, die auf die herausfordernden Marktbedingungen in den USA für Unternehmen mit kleiner Marktkapitalisierung und die Leistung von SPACs hinwiesen. Obwohl die Unterbewertung ihres Photonikgeschäfts in KI-Datenzentren anerkannt wurde, stellte das Unternehmen fest, dass die aktuellen Kapitalmärkte nicht förderlich sind, um SPAC-Fusionen erfolgreich durchzuführen. Der Vorstand von Sivers bleibt verpflichtet, andere Möglichkeiten zur Wertschöpfung sowohl in der Photonik für KI-Datenzentren als auch in Beamformern für die Satellitenkommunikationsmärkte zu erkunden.
- Company maintains strong position in AI datacenter photonics and satellite communications markets
- Decision removes market uncertainty
- Termination of potential merger opportunity
- Challenging market conditions for small-cap companies affecting strategic options
- Photonics business remains potentially undervalued within current structure
Insights
The termination of merger discussions between byNordic Acquisition and Sivers Photonics represents a significant setback in the SPAC market. The decision reflects broader challenges in the current SPAC environment, particularly for small-cap companies. Key implications include:
- BYNO must now seek alternative merger targets, potentially impacting its
$117.4M trust value - The decision highlights ongoing market skepticism towards SPAC deals, especially in the semiconductor and photonics sectors
- Sivers Semiconductors' photonics division remains undervalued within the parent company structure, suggesting potential for alternative strategic options
This development aligns with the broader trend of SPAC deal cancellations amid challenging market conditions and increased regulatory scrutiny. For BYNO shareholders, this creates uncertainty about future merger prospects and potential timeline extensions.
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
This information was brought to you by Cision http://news.cision.com.
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SOURCE Sivers Semiconductors
FAQ
Why did Sivers Semiconductors halt merger discussions with byNordic (BYNO)?
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