Sequans Communications slides on share offering

Sequans Communications SA

11/03/2022 14:56

** U.S. listed shares of French chipmaker Sequans
Communications  SQNS.N  down 7.9% at $3.04, lowest since Jan
2020, after equity raise
    ** SQNS sells ~6.7 mln ADSs at $3, ~9% discount to stock's
last sale on Thurs  urn:newsml:reuters.com:*:nPnv84Pba
    ** Co plans to use expected net proceeds of ~$18.2 mln for
general corp purposes
    ** Co has ~39.4 mln ADSs outstanding, per Refinitiv data
    ** In Jan, SQNS expanded its 4G and 5G licensing deal with
Japan's Renesas Electronics Corp  6723.T , with Renesas taking
small stake in co  urn:newsml:reuters.com:*:nL4N2TL35N
    ** With decline on Fri, SQNS shares down ~36% YTD
    ** B. Riley Secs acting as sole bookrunner for offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))