Sequans (NYSE: SQNS) redeems all convertible debt and ends Bitcoin treasury plan
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Sequans Communications has completed the redemption of all remaining convertible debt issued in July 2025, funded by selling part of its Bitcoin holdings. Management describes the company as moving to a near debt-free balance sheet, which simplifies its capital structure and increases financial flexibility.
After the transaction, Sequans holds approximately 658 Bitcoin, all unrestricted, and plans to gradually monetize these holdings as it exits its prior Bitcoin treasury strategy. The company emphasizes a renewed focus on its core IoT semiconductor business, including 4G LTE-M and Cat-1bis chipsets, its 5G eRedCap roadmap, and growing demand for its RF transceiver solutions in areas such as defense, drones, and industrial IoT.
Positive
- Full redemption of remaining convertible debt issued in July 2025, moving the company to what management describes as a near debt-free balance sheet and simplifying its capital structure.
- Exit from Bitcoin treasury strategy with approximately 658 unrestricted Bitcoin remaining and a plan to monetize holdings over time, reducing balance sheet exposure to digital asset volatility.
- Clear strategic focus on IoT semiconductors and RF transceivers, with emphasis on 4G LTE-M, Cat-1bis, 5G eRedCap, and software radio applications in high-demand markets such as industrial IoT, defense, and drones.
Negative
- None.
Insights
Sequans exits convertible debt and Bitcoin strategy to refocus on IoT chips.
Sequans reports that it has redeemed all remaining convertible debt issued in July 2025, using proceeds from selling part of its Bitcoin holdings. Management states the balance sheet is now near debt-free, which removes leverage tied to that instrument and simplifies the capital structure.
The company retains approximately 658 unrestricted Bitcoin and plans to monetize these over time while ending its digital asset treasury strategy. This reduces exposure to Bitcoin price volatility and aligns financial policy with its operating focus.
Strategically, Sequans highlights full emphasis on its cellular IoT semiconductor portfolio, including 4G LTE-M, Cat-1bis, and its 5G eRedCap platform, as well as RF transceivers for software radio, defense, and drone applications. Future company filings may provide further detail on profitability progress and revenue traction from these product lines.
Key Figures
Remaining Bitcoin holdings: approximately 658 Bitcoin
Form type: Form 6-K
Convertible debt status: All remaining debt redeemed
+2 more
5 metrics
Remaining Bitcoin holdings
approximately 658 Bitcoin
On balance sheet after funding full redemption of remaining July 2025 convertible debt
Form type
Form 6-K
Report of foreign private issuer for May 2026
Convertible debt status
All remaining debt redeemed
Convertible debt issued in July 2025 fully redeemed using Bitcoin sale proceeds
Balance sheet leverage
near debt-free
Management description of capital structure after redemption of all remaining convertible debt
Latest annual report period
year ended December 31, 2025
Referenced Form 20-F filed as part of risk factor discussion
Key Terms
convertible debt, Bitcoin treasury strategy, 5G eRedCap, cellular IoT semiconductor solutions, +2 more
6 terms
convertible debt financial
"announced the completion of the redemption of all remaining convertible debt issued in July 2025"
A convertible debt is a loan a company takes that gives the lender the option to swap the owed money for a set number of the company’s shares instead of getting cash back. It matters to investors because it can change who owns the company and how much their shares are worth: if lenders convert, existing shareholders can be diluted, but conversion can also signal confidence and reduce a company’s cash pressure — like getting a coupon that can be redeemed for store ownership rather than a refund.
Bitcoin treasury strategy financial
"our planned exit from our Bitcoin treasury strategy and potential adverse reactions"
A bitcoin treasury strategy is a company decision to hold Bitcoin as part of its corporate cash and reserves instead of keeping all funds in traditional currencies or short-term investments. It matters to investors because it can boost potential returns if Bitcoin rises but also increases financial volatility and regulatory or tax complexities—think of it as swapping part of a company’s emergency savings for a high-risk, high-reward asset like speculative gold.
5G eRedCap technical
"advancing the 5G eRedCap roadmap, and expanding into new high-growth markets"
5G eRedCap is a version of 5G wireless technology designed for lower-cost, lower-power devices—think fitness trackers, industrial sensors or basic smartphones—by simplifying radio and processing needs. For investors it signals a bigger market for affordable 5G gadgets and network upgrades: carriers, chipset makers and device manufacturers can sell cheaper hardware and services, unlocking volume growth much like budget cars expanded auto market demand.
cellular IoT semiconductor solutions technical
"core business is centered on the development and commercialization of cellular IoT semiconductor solutions"
RF transceiver technical
"newly launched RF transceiver for software radio applications, including defense and drone systems"
An RF transceiver is an electronic module that both sends and receives radio signals, letting devices talk wirelessly much like a walkie‑talkie that can listen and speak. Investors care because it determines how well a product connects (range, speed, battery life), affects manufacturing costs and supply chains, and ties to spectrum rules and market demand for wireless devices — all of which influence a company’s competitiveness and revenue potential.
forward-looking statements regulatory
"This press release contains certain statements that are, or may be deemed to be, forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
FAQ
What did Sequans Communications (SQNS) announce in its latest 6-K filing?
Sequans announced it has redeemed all remaining convertible debt issued in July 2025, funded by selling part of its Bitcoin holdings. Management says the company now has a near debt-free balance sheet and a renewed focus on its core IoT semiconductor and RF transceiver businesses.
How many Bitcoin does Sequans Communications (SQNS) hold after the debt redemption?
After completing the debt redemption, Sequans reports holding approximately 658 Bitcoin on its balance sheet. These holdings are described as fully unrestricted, and the company states it plans to monetize the remaining Bitcoin over time as it exits its digital asset treasury strategy.
What is changing in Sequans Communications’ (SQNS) capital structure?
Sequans states that all remaining convertible debt from July 2025 has been fully redeemed, transitioning the company to a near debt-free balance sheet. This simplifies its capital structure and, according to management, increases financial flexibility to support growth in its IoT semiconductor and RF transceiver lines.
Is Sequans Communications (SQNS) continuing its Bitcoin treasury strategy?
Sequans says it is no longer pursuing a digital asset treasury strategy. The company funded the final redemption of its convertible debt by selling part of its Bitcoin and intends to monetize the remaining approximately 658 Bitcoin over time as it refocuses on its semiconductor operations.
What are the main business priorities for Sequans Communications (SQNS) now?
Sequans highlights a full focus on scaling its cellular IoT semiconductor business, including 4G LTE-M and Cat-1bis chipsets. It is also advancing its 5G eRedCap platform and growing RF transceiver business, targeting applications like smart metering, asset tracking, industrial IoT, defense, and drone systems.
How does Sequans Communications (SQNS) describe its position in 5G eRedCap?
Sequans describes itself as having early leadership in 5G eRedCap, a platform aimed at next-generation cellular IoT connectivity. The company links this capability to a growing pipeline of projects in production and frames it as part of its strategy to drive sustainable growth and long-term shareholder value.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934
For the month of Mai 2026
Commission File Number: 001-35135
Sequans Communications S.A.
(Translation of Registrant’s name into English)
15-55 boulevard Charles de Gaulle
92700 Colombes, France
Telephone : +33 1 70 72 16 00
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F R Form 40-F £
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes £ NoR
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes £ NoR
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
The information in this report furnished on Form 6-K shall be incorporated by reference into each of the following Registration Statements under the Securities Act of 1933, as amended, of the registrant: Form S-8 (File Nos. 333-203539, 333-211011, 333-214444, 333-215911, 333-219430, 333-226458, 333-233473, 333-239968, 333-259914, 333-266481 and 333-289027) and Form F-3 (File Nos. 333-271884, 333-288708 and 333-288709).
EXPLANATORY NOTE
On May 28, 2026, Sequans Communications S.A. issued a press release announcing the completion of the redemption of all remaining convertible debt issued in July 2025, funded through the sale of a portion of the Company’s Bitcoin holdings.A copy of the press release is attached to this Form 6-K as Exhibit 99.1 and is incorporated herein by reference.
EXHIBIT INDEX
The following exhibit is filed as part of this Form 6-K:
| Exhibit | Description | ||||
| 99.1 | Press release dated May 28, 2026 | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SEQUANS COMMUNICATIONS S.A. (Registrant) | ||||||||||||||
| Date: May 28 , 2026 | By: | /s/ Deborah Choate | ||||||||||||
| Deborah Choate | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
 | NEWS | ||||
Sequans Completes Full Redemption of Convertible Debt, Reestablishes Pure-Play Focus on IoT Semiconductor Growth
PARIS - May 28, 2026 - Sequans Communications S.A. (NYSE: SQNS) (“Sequans” or the “Company”), a leading provider of 5G/4G cellular IoT semiconductor solutions, today announced the completion of the redemption of all remaining convertible debt issued in July 2025 funded through the sale of a portion of the Company’s Bitcoin holdings. The Company now holds approximately 658 Bitcoin, all of which are unrestricted.
Transaction Overview:
•Full Debt Redemption Completed: All remaining convertible debt issued in July 2025 has been fully redeemed.
•Capital Structure Simplified: Sequans transitions to a near debt-free balance sheet with increased financial flexibility.
•Bitcoin Holdings Unrestricted: Approximately 658 BTC remain on the balance sheet, now fully unencumbered.
•Treasury Strategy Concluded: No longer pursuing a digital asset treasury strategy and will monetize remaining holdings over time.
•Renewed Strategic Focus: Full emphasis on scaling the IoT semiconductor business, advancing the 5G eRedCap roadmap, and expanding into new high-growth markets.
“The completion of the debt redemption marks an important turning point for Sequans. We have strengthened our balance sheet, simplified our capital structure, and are now fully focused on scaling our IoT semiconductor business,” said Georges Karam, CEO of Sequans. “Our priority is clear: execute on our growing 4G and RF transceiver product portfolio, accelerate our path to profitability, and advance our 5G roadmap. With improving visibility, a growing pipeline of projects in production, and early leadership in 5G eRedCap, we believe Sequans is well positioned to drive sustainable growth and long-term shareholder value.”
Sequans’ core business is centered on the development and commercialization of cellular IoT semiconductor solutions, including its 4G LTE-M and Cat-1bis chipsets, which support applications such as smart metering, asset tracking, telematics, security, and industrial IoT. The Company is also advancing its 5G eRedCap platform to support the transition to next-generation cellular IoT connectivity. In parallel, Sequans is seeing increasing engagement for its newly launched RF transceiver for software radio applications, including defense and drone systems, where demand for secure, high-performance wireless capabilities continues to grow.
Forward Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements with respect to financial condition, results of operations and business of Sequans, bitcoin treasury and business strategy for 2026 and beyond, financing requirements, and business strategy for 2026 and beyond. These forward-looking statements include, but are not limited to, statements that are not historical fact. These forward-looking statements can be identified by the fact that they do not relate to historical or current facts. Forward-looking statements also often use words such as “anticipate,” “committed to”, “target,” “continue,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “goal,” “believe,” “hope,” “aims,” “continue,” “could,” “project,” “should,” “will” or other words of similar meaning. These statements are based on assumptions and assessments made by Sequans in light of its experience and perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-
| NEWS | ||||
looking statements are reasonable, no assurance can be given that such expectations will prove to be correct, and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement.
Forward-looking statements are not guarantees of future performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Such risks and uncertainties include, but are not limited to, our planned exit from our Bitcoin treasury strategy and potential adverse reactions or changes to business relationships resulting from the implementation of the Bitcoin treasury initiative and fluctuations on the value of Bitcoin and the implications of a decline in the value of Bitcoin on our collateral requirements. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business and competitive environments, market and regulatory forces, including tariffs and trade wars, our ability to convert our product pipeline and design wins into revenue, and a decline in the value of Bitcoin. If any one or more of these risks or uncertainties materialize or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward-looking statements should therefore be construed in the light of such factors. A more complete description of these and other material risks can be found in Sequans’ filings with the SEC, including its annual report on Form 20-F for the year ended December 31, 2025, filed on May 11, 2026 and other documents that may be filed from time to time with the SEC. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this announcement. Sequans undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law.
About Sequans
Sequans Communications S.A. (NYSE: SQNS) is a leading fabless semiconductor company specializing in wireless 4G/5G cellular technology for the Internet of Things (IoT) and RF transceiver solutions for software-defined applications. Sequans’ engineers design and develop innovative, secure, and scalable technologies that power the next generation of AI-connected applications – including secured payment, smart mobility and logistics, smart cities, industrial, e-health, and smart homes, as well as mission-critical deployments in space and defense.
Sequans offers a comprehensive portfolio of 4G/5G solutions, including LTE-M/NB-IoT, 4G LTE Cat 1bis, and 5G NR RedCap and eRedCap platforms, all purpose-built for IoT and delivering breakthroughs in wireless connectivity, power efficiency, security, and performance. Sequans RF transceiver solutions enable highly flexible, programmable wireless systems optimized for performance and resilience in demanding environments. The company also provides advanced design services and technology licensing.
Founded in 2003, Sequans is headquartered in France and operates globally, with offices in the United States, United Kingdom, Switzerland, Israel, Finland, Taiwan, and China.
Visit Sequans at sequans.com and follow us on LinkedIn and X.
Contacts
Sequans investor relations: David Hanover/Rob Kelly, KCSA Strategic Communications (USA), +1 212.682.6300, ir@sequans.com
Sequans media relations: Linda Bouvet (France), +33 170721600 media@sequans.com