Sivers Semiconductors Enters into Letter of Intent With byNordic Acquisition Corporation for Business Combination of Sivers' Photonics Subsidiary

Core Viewpoint - The proposed merger between Sivers Photonics and byNordic Acquisition Corporation aims to create a standalone, publicly traded photonics company, unlocking significant value and enhancing access to the U.S. capital markets [1][8]. Company Overview - Sivers Semiconductors AB operates through two wholly owned subsidiaries: Wireless and Photonics, with Sivers Photonics focusing on advanced semiconductor photonic devices, particularly indium phosphide (InP) laser sources [2][3]. - Sivers Photonics has a strong R&D foundation with over 25 years of experience, employing 80 staff members, including 12 PhDs, and holding three issued patents along with 16 pending patents [3]. Market Potential - The demand for AI applications is expected to drive substantial growth in the photonics market, with a projected total addressable market for chip-to-chip connectivity reaching $5 billion by 2027, and a served addressable market of up to $1 billion [5]. - The wireless business of Sivers experienced a remarkable net revenue growth of 155% in 2023, reaching approximately $15 million, indicating strong market traction and future growth potential [4]. Technological Advancements - Sivers Photonics specializes in tunable multi-wavelength lasers for direct on-chip integration, which are critical for high-performance applications in AI infrastructure and sensing technologies [5][6]. - The application of silicon photonics (SiPh) is highlighted as a leading solution for data centers, capable of significantly reducing energy consumption by up to 90% compared to traditional copper wire solutions [5]. Strategic Developments - The merger is expected to position Sivers Photonics closer to investors and partners within the U.S. AI ecosystem, with approximately 80% of its net revenue currently generated in the U.S. [8]. - Following the merger, Sivers plans to establish its headquarters in Silicon Valley, CA, while maintaining manufacturing operations in the U.K. [9].