Entity linked to Daniel Asher buys SQNS shares

DBA Trading, LLC, an entity beneficially owned by Daniel Asher, reported open-market purchases of SeQuans Communications common stock (SQNS).

Rhea-AI Filing Summary

DBA Trading, LLC, an entity beneficially owned by Daniel Asher, reported open-market purchases of SeQuans Communications common stock (SQNS).

On January 15, 2026, DBA Trading, LLC purchased 28,200 shares at $5.6537 per share. On January 16, 2026, it purchased an additional 11,631 shares at $5.6521 per share. Following these transactions, DBA Trading, LLC is shown as indirectly holding 1,853,418 shares of SQNS common stock.

The filing also reports 513,443 shares of SQNS common stock held indirectly through AFOB FIP MS, LLC. Footnotes state that Daniel Asher is deemed to control voting and dispositive power over the shares held by both DBA Trading, LLC and AFOB FIP MS, LLC.

Insider Trade Summary

Net Buyer: 39,831 shares

Net Buy 3 txns

Insider ASHER DANIEL

Role 10% Owner

Bought 39,831 shs ($225K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	11,631	$5.6521	$66K
Purchase	Common Stock	28,200	$5.6537	$159K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 1,853,418 shares (Indirect, by DBA Trading, LLC); Common Stock — 513,443 shares (Indirect, By AFOB FIP MS, LLC)

Footnotes (2)

1. F1. Dniel Asher is the beneficial owner of DBA Trading, LLC, and deemed to control share voting and dispositive power over the shares held by them.
2. F2. AFO Blackberry, LLC is the managing member of AFOB FIP MS, LLC and Daniel Asher is deemed to control share voting and dispositive power over the shares held by them.

FAQ

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What insider transactions in SQNS stock were reported by Daniel Asher?

The filing reports that DBA Trading, LLC, an entity beneficially owned by Daniel Asher, bought 28,200 shares of SeQuans Communications (SQNS) on January 15, 2026 at $5.6537 per share and 11,631 shares on January 16, 2026 at $5.6521 per share.

How many SQNS shares does DBA Trading, LLC hold after these transactions?

After the reported purchases, DBA Trading, LLC is shown as indirectly holding 1,853,418 shares of SeQuans Communications common stock.

What additional SQNS holdings related to Daniel Asher are disclosed?

The filing also discloses that AFOB FIP MS, LLC indirectly holds 513,443 shares of SeQuans Communications common stock, with Daniel Asher deemed to control voting and dispositive power through its managing member.

In what capacity is Daniel Asher related to SeQuans Communications (SQNS)?

Daniel Asher is reported as a 10% owner of SeQuans Communications, with beneficial ownership of shares held through DBA Trading, LLC and AFOB FIP MS, LLC.

Are the SQNS trades in this Form 4 direct or indirect holdings for Daniel Asher?

The reported SQNS trades are indirect holdings for Daniel Asher. The purchases were made by DBA Trading, LLC, and additional shares are held through AFOB FIP MS, LLC, over which he is deemed to have voting and dispositive power.

What transaction code is used for the SQNS trades reported by DBA Trading, LLC?

The transactions in SeQuans Communications common stock by DBA Trading, LLC are reported with transaction code P, indicating open-market or private purchases of the shares.

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Accepted by SEC EDGAR 01/20/2026 - 05:41 PM Learn about SEC filing dates

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^*

ASHER DANIEL

(Last) (First) (Middle)

1011 LAKE ST

SUITE 311

(Street)

OAK PARK IL 60301

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
01/15/2026

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

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

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

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
Common Stock	01/15/2026		P		28,200	A	$5.6537	1,841,787	I	by DBA Trading, LLC(1)
Common Stock	01/16/2026		P		11,631	A	$5.6521	1,853,418	I	by DBA Trading, LLC(1)
Common Stock								513,443	I	By AFOB FIP MS, LLC(2)

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

Explanation of Responses:

1. Dniel Asher is the beneficial owner of DBA Trading, LLC, and deemed to control share voting and dispositive power over the shares held by them.

2. AFO Blackberry, LLC is the managing member of AFOB FIP MS, LLC and Daniel Asher is deemed to control share voting and dispositive power over the shares held by them.

	Daniel Asher	01/20/2026
	** 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.