Sequans Communications, a French -based 5G and IoT semiconductor technology developer, has moved to Bitcoin with a new financial initiative, which is supported by a $ 380 million personal deployment.
The funds include $ 195 million stock securities and $ 189 million convertible security notes. We plan to allocate this capital to build a bitcoin position with the core IoT operation.
“The Bitcoin financial strategy reflects our strong belief in Bitcoin with the best assets and powerful long -term investments.” We believe that the unique characteristics of Bitcoin will improve financial elasticity and provide significant value to shareholders. ”
To guide the financial strategy, SEQUANS has partnership with SWAN Bitcoin, a US -based US -based company that specializes in custody of Bitcoin, institutional liquidity and investment strategies. SWAN helps the company to explore the operation and security of the Bitcoin acquisition and storage.
In the new initiative, KARAM stressed that the eruption is dedicated to the main mission. “We provide innovative solutions to meet the demands of IoT applications that continue to support customers through powerful 4G and 5G product roadmaps and ensure the perfect shift from 4G to 5G.”
The eruption will issue more than 13.9 billion shares and warrants to the stock offerings and will issue additional warrants related to debt deployment. This proposal is expected to close until July 1 until the June 30 meeting is approved.
Batch agents include Northland Capital Markets, B. Riley Securities and Yorkville Securities. Legal advisors include Lowenstein Sandler LLP (US), GEETANS Archers (France) and Goodwin Procter LLP.
This movement is increasingly trend of public companies that use Bitcoin, a popular strategy in a company such as strategy and Semler Scientific, as financial assets. The eruption currently has a market cap of about $ 40 million. The stock price decreased by 12% in Monday trading after the announcement.