
Sequans Communications’ (SQNS) surged greater than 40% after the wireless-chip designer closed a $384 million personal placement with plans to spend the majority of that in bitcoin
.
The deal mixed a $195 million sale of American depositary shares
and warrants at $1.40 with $189 million of five-year secured convertible debentures priced at a 4% low cost, in line with a press launch.
The France-based firm’s ADSs rose to $2.01 on Nasdaq after the announcement.
Buyers can convert at $2.10 per American depositary share and, if all warrants are exercised, Sequans might web one other $57.6 million, with the funds additionally being earmarked for bitcoin purchases.
CEO Georges Karam mentioned the corporate sees the asset enhancing its monetary resilience and creating long-term worth. Sequans designs low-power 4G and 5G modems utilized in sensible meters, asset trackers and industrial sensors.
Swan Bitcoin will supply and custody the cash whereas Northland Capital Markets and B. Riley Securities dealt with the financing.
The transfer sees Sequans be a part of a rising record of publicly traded corporations adopting bitcoin as their major treasury reserve asset. A complete of 852,309 BTC are at the moment held by these corporations, in line with Bitcointreasuries information.
The majority of these cash are held by Technique (MSTR), which has 597,325 BTC on its steadiness sheet. It’s adopted by MARA Holdings (MARA) with 50,000 BTC and XXI, with 37,230 BTC.