ConvertibleActiveBTC
0% Convertible Notes due 2028
SQNS-Jul28
BTC Holdings
2,139 BTC
Total Debt
$94.50M
Leverage
53.4%
mNAV
0.27x
Outstanding
$94.50M
Issue date
2025-07-07
Principal
$189.00M
Coupon
0.00%
Maturity
2028-07-07
Conversion price
$21
- 50% of principal redeemed Nov 2025 via sale of 970 BTC
- Second amendment (Feb 2026): remaining $94.5M to be redeemed at par by Jun 1, 2026 via sale of up to 1,617 pledged BTC
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Secured
- Settlement
- Shares
- Payment frequency
- Quarterly
- Payment dates
- Mar 1, Jun 1, Sep 1, Dec 1
- Rate type
- Step-up
- Rate reference
- 0% year 1, 6% year 2, 8% year 3
- Forced conversion
- On or after 12 months from issuance, if ADS price >= 130% of conversion price for 20 of 30 trading days (with equity conditions met); company may redeem at par plus accrued interest plus 3-5% payment premium
- Call provision
- On or after 16 months from issuance, if ADS price <= 40% of conversion price for 10 consecutive trading days; company may redeem at 108% of principal plus payment premium
- Put provision
- Upon Fundamental Change, holders may require repurchase at par plus accrued interest plus payment premium
- Use of proceeds
- BTC acquisition and general corporate purposes associated with purchasing Bitcoin
Sources(4)
- $38.4M Strategic Investme…Press Release$38.4M Strategic Investment & BTC Treasury LaunchInitial disclosure (terms not disclosed)Sequans Communications S.A. — 2025-07-07
- Bitcoin Treasury Dashboar…WebsiteBitcoin Treasury DashboardLater disclosure (conversion price, maturity)Sequans Communications S.A. — 2026-01-06
- Form 6-K (convertible deb…FilingForm 6-K (convertible debenture terms)Explanatory NoteFull debenture termsSequans Communications S.A. — 2025-06-23
- Form 6-K (Second Amendmen…FilingForm 6-K (Second Amendment to Convertible Debenture)Second amendment — redemption planSequans Communications S.A. — 2026-02-19
Participants
Holders & Underwriters(3)
- $38.4M Strategic Investme…Northland Capital Marketsunderwriteras of 2025-07-07Joint lead placement agent
- $38.4M Strategic Investme…B. Riley Securities, Inc.underwriteras of 2025-07-07Joint lead placement agent
- $38.4M Strategic Investme…Yorkville Securities, Inc.underwriteras of 2025-07-07Placement agent
Outstanding History
Outstanding history(3)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-12-31 | — | $94.50M Face value outstanding; balance sheet carrying value $57M after bifurcation of embedded derivative | Form 6-K (Q4 2025) |
| 2025-11-04 | Redemption | $94.50M Redeemed 50% using sale of 970 BTC | 50% Convertible Debt Rede… |
| 2025-07-07 | — | $189.00M | $38.4M Strategic Investme… |
- 2025-12-31 — $94,500,000Balance Sheet — filing — Sequans Communications S.A.Source
- 2025-11-04 — $94,500,000press_release — Sequans Communications S.A.Source
- 2025-07-07 — $189,000,000press_release — Sequans Communications S.A.Source