Sequans Shares Jump 35% After $384M Debt-Equity Raise to Fund Bitcoin Treasury
Main Idea
Sequans Communications' shares surged 35% after raising $384 million through a debt-equity deal, with part of the funds earmarked for bitcoin purchases.
Key Points
1. Sequans Communications (SQNS) raised $384 million through a combination of American depositary shares, warrants, and convertible debentures.
2. The company's shares rose to $2.01 on Nasdaq following the announcement.
3. Investors can convert debentures at $2.10 per American depositary share, and if all warrants are exercised, Sequans could net an additional $57.6 million.
4. CEO Georges Karam stated the funds will be used for bitcoin purchases, aligning with a trend of publicly traded firms adopting bitcoin as a treasury reserve asset.
5. According to Bitcointreasuries data, 852,309 BTC are currently held by such firms, with MicroStrategy (MSTR) holding the majority at 597,325 BTC.
Description
Sequans Communications’ (SQNS) surged more than 40% after the wireless-chip designer closed a $384 million private placement with plans to spend the bulk of that in bitcoin (BTC). The deal combined a $195 million sale of American depositary shares (ADS) and warrants at $1.40 with $189 million of five-year secured convertible debentures priced at a 4% discount, according to a press release . The France-based company's ADSs rose to $2.01 on Nasdaq after the announcement. Investors can convert at $...
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