1 month ago
Sequans Communications’ (SQNS) surged much than 40% aft the wireless-chip decorator closed a $384 cardinal backstage placement with plans to walk the bulk of that successful bitcoin (BTC).
The woody combined a $195 cardinal merchantability of American depositary shares (ADS) and warrants astatine $1.40 with $189 cardinal of five-year secured convertible debentures priced astatine a 4% discount, according to a press release.
The France-based company's ADSs roseate to $2.01 connected Nasdaq aft the announcement.
Investors tin person astatine $2.10 per American depositary stock and, if each warrants are exercised, Sequans could nett different $57.6 million, with the funds besides being earmarked for bitcoin purchases.
CEO Georges Karam said the institution sees the plus enhancing its fiscal resilience and creating semipermanent value. Sequans designs low-power 4G and 5G modems utilized successful astute meters, plus trackers and concern sensors.
Swan Bitcoin volition root and custody the coins portion Northland Capital Markets and B. Riley Securities handled the financing.
The determination sees Sequans articulation a increasing database of publically traded firms adopting bitcoin arsenic their superior treasury reserve asset. A full of 852,309 BTC are presently held by these firms, according to Bitcointreasuries data.
The bulk of those coins are held by Strategy (MSTR), which has 597,325 BTC connected its equilibrium sheet. It’s followed by MARA Holdings (MARA) with 50,000 BTC and XXI, with 37,230 BTC.
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