The London stock market’s most valuable semiconductor company, which moved its headquarters from Canada earlier this year ahead of its IPO, lost more than $1.7 billion in market value after the Financial Times reported on its leadership’s undisclosed ties to key customers. (Financial Times)

Talking point: The report says that its ties to a customer who accounted for a huge portion of Alphawave’s growth in bookings were not disclosed in its IPO prospectus: Wayne Dai, the founder and chairman of VeriSilicon, a major client, is the brother-in-law of Sehat Sutardja, a large shareholder and executive director of Alphawave’s board. The article also revealed that a separate company founded by Alphawave’s chair and co-founder—and which is also an Alphawave customer—called off its planned listing via SPAC in July after the U.S. Securities and Exchange Commission began investigating “certain disclosures” in its prospectus. “All related party transactions have been properly disclosed in our IPO prospectus and in our interim results which were released last week,” Alphawave said in a statement.