Quick take:
Each ADS represented 10 ordinary shares at a nominal value of €0.01 per share of the Company and common warrants to purchase up to 20,916,680 ADSs within 90 days of the closing of the offer.
The debt was in the form of secured convertible debentures due July 7, 2028, at an original issue discount of 4% to purchase 20,249,997 ADSs, also exercisable within 90 days.
Northland Capital Markets and B. Riley Securities served as joint lead placement agents for the Offering, while Yorkville Securities was a placement agent.
Sequans Communications (NYSE: SQNS), a leading developer and provider of 5G/4G IoT semiconductors and modules, has closed a $384 million offering for debt and equity placement to establish a strategic Bitcoin treasury.
The offering included the sale of 139,444,614 American Depositary Shares (ADSs) contributing $195 million to the gross proceeds and the issuance of $189 million in debt.
Each ADS represented 10 ordinary shares at a nominal value of €0.01 per share of the Company and common warrants to purchase up to 20,916,680 ADSs within 90 days of the closing of the offer.
The debt was in the form of secured convertible debentures due July 7, 2028, at an original issue discount of 4% to purchase 20,249,997 ADSs, also exercisable within 90 days.
Northland Capital Markets and B. Riley Securities served as joint lead placement agents for the Offering, while Yorkville Securities was a placement agent.
Commenting on the announcement, Georges Karam, CEO of Sequans, said in a statement: “We believe bitcoin’s unique properties will enhance our financial resilience and create long-term value for our shareholders. Our intention is to continue acquiring bitcoin in the future, using excess cash generated from our core business operations and additional proceeds.”
Sequans joins a growing list of non-crypto native companies looking to tap the power of Bitcoin as a hedging strategy for their balance sheets.
Other companies like SharPlink (ETH), Webus (XRP) and SOL Strategies (SOL) have opted to build their crypto treasuries with different cryptocurrencies.
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The post NYSE-Listed Sequans Secures $384M Debt and Equity Placement to Buy Bitcoin appeared first on NFTgators .
