Sequans establishes $200 million ATM equity offering program

PARIS - Sequans Communications S.A. (NYSE:SQNS) announced Monday the establishment of an "at the market" equity offering program for up to $200 million in American Depositary Shares. The company, currently valued at $168 million, has seen its stock price decline by over 70% year-to-date to $0.96 per share, according to InvestingPro data.

The semiconductor company, which specializes in cellular IoT solutions, has filed a prospectus with the U.S. Securities and Exchange Commission under which it may sell shares at its discretion. The ATM Program will be conducted pursuant to Sequans’ shelf registration statement on Form F-3 filed with the SEC on August 25, 2025.

According to the company, proceeds from the program are expected to be primarily used to continue accumulating Bitcoin as part of its treasury strategy.

"As part of our previously announced Bitcoin treasury strategy, this program is being implemented as a tool to support the first phase of establishing our treasury foundation," said Dr. Georges Karam, CEO of Sequans.

The timing and volume of share sales under the ATM Program will be determined by market conditions and other factors, the company stated.

Founded in 2003, Sequans Communications develops wireless 4G/5G cellular technology for Internet of Things applications. The company offers solutions including LTE-M/NB-IoT, 4G LTE Cat 1bis, and 5G NR RedCap/eRedCap platforms.

The company described itself as a pioneer in adopting Bitcoin as its primary treasury reserve asset, noting in the press release that it intends to strategically accumulate Bitcoin using net proceeds from equity and debt issuances as well as cash generated from operations.

Sequans is headquartered in France with offices across multiple countries including the United States, United Kingdom, Switzerland, Israel, Singapore, Finland, Taiwan, and China.

In other recent news, Sequans Communications reported its financial results for the first quarter of 2025, which fell short of expectations. The company announced earnings per share of -$3.6, significantly below the projected -$0.06. Revenue also missed the mark, totaling $8.14 million compared to the anticipated $15.4 million, representing a 47.14% revenue shortfall. These results have been a focal point for investors, as they reflect a notable deviation from analyst forecasts. Despite the disappointing financial performance, there were no updates on mergers or acquisitions involving Sequans Communications. Additionally, there have been no recent analyst upgrades or downgrades reported for the company. Investors and analysts alike are closely monitoring these developments, given their potential implications for the company’s future performance.

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