Sequans Communications Closes Over-Allotment Option Related to Underwritten Public Offering

Sequans Communications S.A. (NYSE: SQNS) has announced that the underwriters of its previously announced public offering of American Depositary Shares (“ADSs”) have exercised their over-allotment option (the “Option”) in full to purchase 728,155 additional ADSs, representing 2,912,620 ordinary shares, for gross proceeds of USD 3.75 million, the company said.

The Option exercise closed on June 4, 2020. Including the additional ADSs from exercising the Option, Sequans´ recent offering totaled 5,582,524 ADSs at a price to the public of USD 5.15 per ADS, with total gross proceeds of USD 28.75 million.

Pursuant to an underwriting agreement dated May 11, 2020, B. Riley FBR, Inc. acted as the sole book-running manager of the offering. Roth Capital Partners, LLC acted as the lead manager.

The total net proceeds of all the above equity transactions, after deducting underwriting discounts and commissions and estimated offering expenses, are approximately USD 29.9 million.

Sequans Communications is a developer and provider of 5G and 4G chips and modules for massive, broadband, and critical IoT. Visit Sequans online at www.sequans.com.