Sequans Communications (NYSE: SQNS) has announced that on December 31, 2018, it received a notice from the New York Stock Exchange that the company is not in compliance with the NYSE´s continued listing standard with respect to the minimum average share price required by the NYSE because the average closing price of its American Depositary Shares had fallen below USD 1.00 per share over a period of 30 consecutive trading days, the company said.
Under the NYSE standards, the company has six months following receipt of the notification to regain compliance with the minimum share price requirement. The company can regain compliance during the six-month cure period if on the last trading day of any calendar month during the period or on the last trading day of the period, the company´s ADSs have a closing share price of at least USD 1.00 per share and an average closing share price of at least USD 1.00 per share over the previous 30 consecutive day trading period.
The company intends to cure the price deficiency and return to compliance with the NYSE continued listing requirement within the applicable cure period. As required by the NYSE, the company has notified the NYSE of its intent to cure. During this period, the company´s American Depositary Shares will continue to be traded on the NYSE, subject to compliance with other continued NYSE listing requirements.
The NYSE notification does not affect the company´s business operations or its Securities and Exchange Commission reporting requirements and does not conflict with or cause an event of default under any of the company´s material debt agreements.
Sequans is a 4G chipmaker and provider of single-mode LTE chipset solutions to wireless device manufacturers worldwide. Founded in 2003, Sequans has developed and delivered six generations of 4G technology and its chips are certified and shipping in 4G networks, both LTE and WiMAX, around the world. Sequans is based in Paris, France with additional offices in the United States, United Kingdom, Israel, Hong Kong, Singapore, Sweden, Taiwan, South Korea, and China. Visit Sequans online at www.sequans.com, www.facebook.com/sequans, www.twitter.com/sequans.