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Sequans Launches $384M Bitcoin Treasury Initiative with Swan Bitcoin Partnership
- Sequans Communications launches a $384 million Bitcoin treasury initiative backed by a private placement, partnering with Swan Bitcoin.
- The funding includes $195 million in equity securities and $189 million in convertible secured notes to build a Bitcoin position alongside IoT operations.
- Sequans views Bitcoin as a premier asset for long-term investment, aiming to enhance financial resilience and shareholder value.
- Swan Bitcoin will assist in guiding Sequans' treasury strategy regarding Bitcoin acquisition and storage.
- Despite the Bitcoin initiative, Sequans remains dedicated to supporting customers with 4G and 5G solutions for IoT applications.
- Over 1.39 billion ordinary shares and warrants will be issued in the equity offering, with additional warrants tied to the debt placement.
- The offering is expected to close by July 1, subject to shareholder approval at a June 30 meeting.
- Placement agents for the initiative include Northland Capital Markets, B. Riley Securities, and Yorkville Securities.
- Legal counsel for Sequans involves firms like Lowenstein Sandler LLP and ARCHERS from the U.S. and France.
- The move aligns Sequans with the trend of public companies using Bitcoin as a treasury asset, similar to Strategy and Semler Scientific.
- Sequans' market cap is approximately $40 million, with its shares decreasing 12% to $1.62 following the announcement.
- The initiative is seen as part of Sequans' commitment to innovation and evolving solutions in the technology sector.
- Swan Bitcoin's involvement signifies a focus on Bitcoin custody, institutional liquidity, and investment strategy.
- Sequans aims to capitalize on Bitcoin's unique characteristics to add financial value and resilience to its operations.
- The partnership with Swan Bitcoin aims to provide operational and security expertise in managing Bitcoin assets.
- The article was published on Bitcoin Magazine by Jenna Montgomery.
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