Sequans Communications S.A. (NYSE: SQNS) today announced the pricing of an underwritten public offering of American Depositary Shares (ADSs), representing 9,000,000 ordinary shares, at a price of $1.50 per ADS. The company has also granted to the underwriters a 30-day option to acquire an additional 1,000,000 ADSs to cover overallotments, if any, in connection with the offering. After the underwriting discount and estimated offering expenses payable by the company, the company expects to receive net proceeds of approximately $12.1 million, assuming no exercise of the overallotment option. The offering is expected to close on February 21, 2013, subject to customary closing conditions.
Needham & Company is acting as the sole underwriter of the offering.
Sequans intends to use the net proceeds from the offering for general corporate purposes.
The ADSs described above are being offered by Sequans pursuant to a shelf registration statement on Form F-3, including a base prospectus, previously filed with and subsequently declared effective by the Securities and Exchange Commission (“SEC”). The securities may be offered only by means of a prospectus. A preliminary prospectus supplement relating to the offering was filed with the SEC on February 14, 2013 and a final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and accompanying base prospectus relating to this offering may also be obtained from Needham & Company, LLC, 445 Park Avenue, New York, NY 10022, (800) 903-3268. Before you invest, you should read the final prospectus supplement and the accompanying base prospectus and other documents Sequans has filed or will file with the SEC for more complete information about Sequans and the offering.This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.