Bertrand Debray sells 752,700 Sequans (SQNS) ADS in open trade

Rhea-AI Filing Summary

SEQUANS COMMUNICATIONS Chief of Staff Bertrand Debray completed an open-market sale of American Depositary Shares (ADS). The transaction involved 752,700 ADS at a price of 3.3241 per ADS, each ADS representing 100 ordinary shares. Following the sale, Debray directly holds 1,431,000 ADS.

Insights

Equity analyst

Sequans officer executes sizable open-market ADS sale but retains a large position.

Chief of Staff Bertrand Debray sold 752,700 American Depositary Shares of SEQUANS COMMUNICATIONS in an open-market transaction at 3.3241 per ADS. The filing notes that each ADS represents 100 ordinary shares.

After the sale, Debray directly holds 1,431,000 ADS, indicating he retains a substantial stake even after this net-sell transaction. The filing shows no remaining derivative positions related to this security, so his exposure is now through ADS holdings rather than options or other derivatives.

Insider Trade Summary

Net Seller: 752,700 shares ($2,502,050)

Net Sell 1 txn

Insider Debray Bertrand

Role Chief of Staff

Sold 752,700 shs ($2.50M)

Type	Security	Shares	Price	Value
Sale	American Depositary Share	752,700	$3.3241	$2.50M

Holdings After Transaction: American Depositary Share — 1,431,000 shares (Direct, null)

Footnotes (1)

1. Each American Depositary Share represents 100 ordinary shares American Depositary Shares do not have an exercise date, exercise price nor expiration date This represents the number of ordinary shares underlying the American Depositary Shares Selling price per American Depositary Share.

Key Figures

ADS sold: 752,700 ADS Sale price per ADS: 3.3241 per ADS ADS held after transaction: 1,431,000 ADS +3 more

6 metrics

ADS sold 752,700 ADS Open-market sale on 2026-05-06

Sale price per ADS 3.3241 per ADS Selling price per American Depositary Share

ADS held after transaction 1,431,000 ADS Direct holdings following the sale

ADS to ordinary share ratio 1 ADS = 100 ordinary shares Footnote description of ADS structure

Underlying ordinary shares per transaction entry 752,700 ordinary shares Underlying security shares linked to the ADS entry

Net buy/sell shares -752,700 shares Transaction summary net-sell direction

Key Terms

American Depositary Share, open-market sale, derivative, underlying security, +1 more

5 terms

American Depositary Share financial

"Each American Depositary Share represents 100 ordinary shares"

An American Depositary Share (ADS) is a U.S.-listed certificate that represents a specified number of shares in a foreign company, held by a custodian bank; it works like a receipt that allows U.S. investors to buy and trade foreign equity on American exchanges without dealing with another country’s markets. Investors care because ADSs make foreign stocks easier to access, improve liquidity and settlement in dollars, and can affect dividend payments, voting rights and regulatory oversight compared with buying the underlying foreign shares directly.

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

derivative financial

""transaction_type": "derivative""

A derivative is a financial contract whose value depends on the price or performance of another asset or measure — for example a stock, index, interest rate, commodity, or currency. Investors use derivatives like insurance or leveraged bets to hedge risk, speculate, or gain exposure without owning the underlying asset; they can protect portfolios but also amplify losses and introduce counterparty and market risk.

underlying security financial

""underlying_security_title": "Ordinary Shares""

net-sell financial

""netBuySellDirection": "net-sell""

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Debray Bertrand

(Last) (First) (Middle)

15-55 BOULEVARD CHARLES DE GAULLE

(Street)

COLOMBES 92700

(City) (State) (Zip)

FRANCE

(Country)

2. Issuer Name and Ticker or Trading Symbol
SEQUANS COMMUNICATIONS [ SQNS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief of Staff

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/06/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
American Depositary Share(1)	(2)	05/06/2026	05/06/2026	S			752,700(3)	(2)	(2)	Ordinary Shares	752,700	$3.3241(4)	1,431,000(3)	D

Explanation of Responses:

1. Each American Depositary Share represents 100 ordinary shares

2. American Depositary Shares do not have an exercise date, exercise price nor expiration date

3. This represents the number of ordinary shares underlying the American Depositary Shares

4. Selling price per American Depositary Share.

Remarks:

	/s/Deborah A. Choate, Attorney-in-Fact for Bertrand Debray	05/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did SQNS officer Bertrand Debray report in this Form 4 filing?

Bertrand Debray reported an open-market sale of 752,700 American Depositary Shares of SEQUANS COMMUNICATIONS (SQNS). The shares were sold at 3.3241 per ADS, and the transaction is classified as a derivative-type sale of ADS representing underlying ordinary shares.

At what price were the SEQUANS COMMUNICATIONS (SQNS) ADS sold?

The American Depositary Shares were sold at a price of 3.3241 per ADS. A footnote explains this is the selling price per ADS, and each ADS represents 100 ordinary shares, giving context to the economic value of the reported transaction.

How many SEQUANS COMMUNICATIONS (SQNS) shares does Debray hold after the sale?

After the transaction, Bertrand Debray directly holds 1,431,000 American Depositary Shares. These ADS positions provide his remaining exposure, and the filing indicates no related derivative positions, focusing his holdings in the ADS rather than options or similar instruments.

What type of security did SQNS insider Bertrand Debray sell?

Bertrand Debray sold American Depositary Shares of SEQUANS COMMUNICATIONS. Footnotes state each ADS represents 100 ordinary shares, and the filing classifies the transaction as a derivative-type entry tied to underlying ordinary shares of the company.

Was the SQNS insider transaction a buy or sell, and how is it classified?

The transaction is a sell, specifically an open-market sale coded as “S.” The filing’s normalized fields label it as an open-market sale of ADS, with 752,700 ADS sold and a net-sell direction in the transaction summary.