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Sequans Communications S.A. (SQNS) announced the establishment of an "at the market" equity offering program that allows the company to sell up to $200 million in American Depositary Shares. Each share represents ten ordinary shares of the IoT semiconductor company.
The company filed a prospectus with the Securities and Exchange Commission on August 25, 2025, under its shelf registration statement on Form F-3. The program enables Sequans to offer and sell shares from time to time at its discretion based on market conditions.
"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. "We intend to use it judiciously to optimize our treasury, increase Bitcoin per share, and deliver long-term value to shareholders."
Net proceeds from the equity program are expected to be used primarily for accumulating Bitcoin in alignment with the company’s treasury strategy. The timing and volume of share sales will depend on market conditions and other factors determined by the company.
Sequans specializes in wireless 4G and 5G cellular technology for Internet of Things applications. The Paris-based company, founded in 2003, operates globally with offices in the United States, United Kingdom, Switzerland, Israel, Singapore, Finland, Taiwan, and China.
The company describes itself as a pioneer in adopting Bitcoin as its primary treasury reserve asset. According to the press release, Sequans’ approach involves acquiring and holding Bitcoin using net proceeds from equity and debt issuances, cash from operations, and intellectual property monetization.