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Sequans Introduces "At The Market" (ATM) Equity Program to Support Long-Term Bitcoin Treasury Strategy

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Sequans Communications (NYSE: SQNS) has announced the establishment of an "at the market" (ATM) equity offering program, allowing the company to sell American Depositary Shares for up to $200 million.

The ATM Program, filed under Form F-3 with the SEC on August 25, 2025, will support Sequans' Bitcoin treasury strategy. Each ADS represents ten ordinary shares. CEO Dr. Georges Karam indicated that the program will be used strategically to optimize treasury operations, increase Bitcoin per share, and create long-term shareholder value.

The net proceeds from the ATM Program will primarily be allocated towards Bitcoin accumulation, aligning with the company's treasury strategy. The timing and volume of share sales will be determined based on market conditions.

Sequans Communications (NYSE: SQNS) ha annunciato l'istituzione di un programma di offerta azionaria "at the market" (ATM), che permette alla società di vendere American Depositary Shares per un importo massimo di $200 milioni.

Il Programma ATM, depositato sul modulo F-3 presso la SEC il 25 agosto 2025, sosterrà la strategia di tesoreria in Bitcoin di Sequans. Ogni ADS rappresenta dieci azioni ordinarie. Il CEO, Dr. Georges Karam, ha dichiarato che il programma verrà utilizzato in modo strategico per ottimizzare la gestione della tesoreria, aumentare il Bitcoin per azione e creare valore per gli azionisti nel lungo termine.

I proventi netti del Programma ATM saranno destinati principalmente all'accumulo di Bitcoin, in linea con la strategia di tesoreria della società. Tempistiche e volumi delle vendite saranno determinati in base alle condizioni di mercato.

Sequans Communications (NYSE: SQNS) ha anunciado la puesta en marcha de un programa de colocación "at the market" (ATM), que permite a la compañía vender American Depositary Shares por hasta $200 millones.

El Programa ATM, presentado en el Formulario F-3 ante la SEC el 25 de agosto de 2025, apoyará la estrategia de tesorería en Bitcoin de Sequans. Cada ADS representa diez acciones ordinarias. El CEO, Dr. Georges Karam, indicó que el programa se utilizará de forma estratégica para optimizar las operaciones de tesorería, aumentar el Bitcoin por acción y generar valor a largo plazo para los accionistas.

Los ingresos netos del Programa ATM se destinarán principalmente a la acumulación de Bitcoin, en línea con la estrategia de tesorería de la compañía. El momento y el volumen de las ventas de acciones se decidirán según las condiciones del mercado.

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Sequans Communications (NYSE: SQNS) a annoncé la mise en place d'un programme d'émission d'actions "at the market" (ATM), permettant à la société de vendre des American Depositary Shares pour un montant maximal de 200 millions de dollars.

Le programme ATM, déposé au formulaire F-3 auprès de la SEC le 25 août 2025, soutiendra la stratégie de trésorerie en Bitcoin de Sequans. Chaque ADS représente dix actions ordinaires. Le PDG, Dr Georges Karam, a indiqué que le programme serait utilisé de manière stratégique pour optimiser la gestion de trésorerie, augmenter le Bitcoin par action et créer de la valeur à long terme pour les actionnaires.

Le produit net du programme ATM sera principalement affecté à l'accumulation de Bitcoin, conformément à la stratégie de trésorerie de la société. Le calendrier et le volume des ventes d'actions seront déterminés en fonction des conditions de marché.

Sequans Communications (NYSE: SQNS) hat die Einsetzung eines "at the market" (ATM) Aktienangebotsprogramms angekündigt, das dem Unternehmen erlaubt, American Depositary Shares im Volumen von bis zu $200 Millionen zu verkaufen.

Das ATM-Programm, eingereicht im Formular F-3 bei der SEC am 25. August 2025, soll die Bitcoin-Treasury-Strategie von Sequans unterstützen. Jede ADS repräsentiert zehn Stammaktien. CEO Dr. Georges Karam erklärte, dass das Programm strategisch eingesetzt werde, um Treasury-Aktivitäten zu optimieren, den Bitcoin-Bestand je Aktie zu erhöhen und langfristigen Aktionärswert zu schaffen.

Die Nettoerlöse aus dem ATM-Programm werden primär für den Aufbau von Bitcoin verwendet, im Einklang mit der Treasury-Strategie des Unternehmens. Zeitpunkt und Umfang von Aktienverkäufen werden anhand der Marktbedingungen festgelegt.

Positive
  • Flexible access to up to $200 million in capital through ATM program
  • Strategic approach to Bitcoin treasury implementation
  • Management control over timing and volume of share sales
Negative
  • Potential shareholder dilution from new share issuance
  • Exposure to Bitcoin price volatility risk
  • Additional regulatory scrutiny due to crypto treasury strategy

Insights

Sequans' $200M ATM program to fund Bitcoin reserves marks a high-risk pivot from operational focus to cryptocurrency speculation.

Sequans' announcement of a $200 million ATM equity program to purchase Bitcoin represents a dramatic strategic shift that warrants serious investor scrutiny. This program essentially allows the company to sell new shares at its discretion, potentially leading to significant shareholder dilution without guaranteeing corresponding value creation.

What's particularly concerning is the allocation of these funds toward Bitcoin acquisition rather than R&D, manufacturing capacity, or other operational investments that would strengthen Sequans' core semiconductor business. The language around "increasing Bitcoin per share" suggests the company is pivoting from being primarily a cellular IoT semiconductor solutions provider to becoming a quasi-Bitcoin investment vehicle.

The description of Sequans as "a pioneer in adopting Bitcoin as its primary treasury reserve asset" indicates this isn't a small treasury diversification but a fundamental change in financial philosophy. Traditional treasury management typically focuses on capital preservation and liquidity through diversified, lower-risk instruments. Concentrating treasury reserves in a single, highly volatile cryptocurrency exposes shareholders to substantial risk profiles they may not have signed up for when investing in a semiconductor company.

While companies like MicroStrategy have pursued similar strategies, they've done so with clear communication about becoming Bitcoin proxies. Investors should question whether Sequans' management has the expertise to time cryptocurrency markets effectively while simultaneously running a complex semiconductor business in the competitive IoT space. This represents a material departure from the company's historical business model and introduces significant new dimensions of financial risk.

Paris, France--(Newsfile Corp. - August 25, 2025) - Sequans Communications S.A. (NYSE: SQNS) ("Sequans" or the "Company"), a pioneer in adopting Bitcoin as its primary treasury reserve asset and a leader in cellular IoT semiconductor solutions, today announced the establishment of an "at the market" equity offering program (the "ATM Program"). The Company has filed a prospectus with the U.S. Securities and Exchange Commission (the "SEC") under which it may, from time to time and at its discretion, offer and sell its American Depositary Shares, each representing ten ordinary shares, for an aggregate offering amount of up to $200 million.

The ATM Program will be conducted pursuant to Sequans' shelf registration statement on Form F-3, filed with the SEC on August 25, 2025, and available on the Company's website in , as well as from the SEC's website .

"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."

The timing and volume of any share sales under the ATM Program will be determined by the Company based on market conditions and other factors. Net proceeds from the program are expected to be primarily used to continue accumulating Bitcoin in alignment with the Company's treasury strategy.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Sequans

Sequans Communications S.A. (NYSE: SQNS) is a leading fabless semiconductor company specializing in wireless 4G/5G cellular technology for the Internet of Things (IoT) as well as a pioneer in Bitcoin Treasury. Sequans views Bitcoin as a long-term investment and intends to strategically accumulate it as its primary treasury reserve asset. The company's approach involves acquiring and holding Bitcoin using net proceeds from equity and debt issuances - executed from time to time based on market conditions - as well as cash generated from operations and intellectual property monetization.

Sequans' engineers design and develop innovative, secure, and scalable technologies that power the next generation of AI-connected applications - including secured payment, smart mobility and logistics, smart cities, industrial, e-health, and smart homes. Sequans offers a comprehensive portfolio of 4G/5G solutions, including LTE-M/NB-IoT, 4G LTE Cat 1bis, and 5G NR RedCap/eRedCap platforms, all purpose-built for IoT and delivering breakthroughs in wireless connectivity, power efficiency, security, and performance. The company also provides advanced design services and technology licensing. Sequans management believes the combination of a strategic Bitcoin reserve and deep focus on semiconductor innovation positions the company for long-term value creation.

Founded in 2003, Sequans is headquartered in France and operates globally, with offices in the United States, United Kingdom, Switzerland, Israel, Singapore, Finland, Taiwan, and China.

Visit Sequans at  and follow us on  and .

Contacts

Sequans investor relations:
David Hanover/Gerrick Johnson, KCSA Strategic Communications (USA), +1 212.682.6300, [email protected]

Sequans media relations:
Linda Bouvet (France), +33 170721600, [email protected]

Forward Looking Statements

This press release contains certain statements that are, or may be deemed to be, forward-looking statements with respect to the financial condition, results of operations and business of Sequans, including, but not limited to, the Company's Bitcoin treasury strategy. These forward-looking statements include, but are not limited to, statements that are not historical fact. These forward-looking statements can be identified by the fact that they do not relate to historical or current facts. Forward-looking statements also often use words such as "anticipate," "committed to", "target," "continue," "estimate," "expect," "forecast," "intend," "may," "plan," "goal," "believe," "hope," "aims," "continue," "could," "project," "should," "will" or other words of similar meaning. These statements are based on assumptions and assessments made by Sequans in light of its experience and perception of historical trends, current conditions, future developments and other factors it believes appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct, and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement.

Forward-looking statements are not guarantees of future performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Such risks and uncertainties include, but are not limited to, our ability to successfully implement our Bitcoin treasury strategy. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business and competitive environments, market and regulatory forces, including tariffs and trade wars. If any one or more of these risks or uncertainties materialize or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward-looking statements should therefore be construed in the light of such factors. A more complete description of these and other material risks can be found in Sequans' filings with the SEC, including its annual report on Form 20-F for the year ended December 31, 2024, subsequent filings on Form 6-K and other documents that may be filed from time to time with the SEC. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this announcement. Sequans undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law.

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FAQ

What is the size of Sequans Communications' (SQNS) new ATM equity program?

Sequans has established an ATM equity program allowing for the sale of American Depositary Shares for up to $200 million.

How will Sequans (SQNS) use the proceeds from its ATM program?

The net proceeds will be primarily used to accumulate Bitcoin as part of the company's treasury strategy.

What is the conversion ratio for Sequans (SQNS) American Depositary Shares?

Each American Depositary Share represents ten ordinary shares of Sequans Communications.

How will Sequans (SQNS) determine the timing of share sales under the ATM program?

The timing and volume of share sales will be determined by the company based on market conditions and other factors.

What is the purpose of Sequans' (SQNS) Bitcoin treasury strategy?

The strategy aims to optimize treasury operations, increase Bitcoin per share, and deliver long-term value to shareholders.
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