Entity tied to Daniel Asher adds SQNS stake via 12,300-share buy

Rhea-AI Filing Summary

Sequans Communications insider filing shows an indirect share purchase by an entity associated with a major holder. On January 26, 2026, DBA Trading, LLC, an entity beneficially owned by Daniel Asher, acquired 12,300 shares of Sequans common stock at $5.1198 per share, in a transaction coded as a purchase.

After this transaction, DBA Trading, LLC is shown as indirectly holding 140,011,100 shares of Sequans common stock, while AFOB FIP MS, LLC is listed as indirectly holding 51,344,400 shares. Footnotes state that Daniel Asher is deemed to control voting and dispositive power over the shares held by both entities.

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

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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)
01/26/2026

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	01/26/2026		P		12,300	A	$5.1198	140,011,100	I	by DBA Trading, LLC(1)
Common Stock								51,344,400	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. Daniel Asher is the beneficial owner of DBA Trading, LLC and is 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 Danien Asher is deemed to control share voting and dispositive power over the shares held by them.

	Daniel Asher	01/28/2026
	** 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.
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FAQ

What insider transaction was reported for SQNS in this Form 4?

The filing reports that DBA Trading, LLC, an entity associated with Daniel Asher, acquired 12,300 shares of Sequans Communications common stock. The purchase occurred on January 26, 2026 at a price of $5.1198 per share.

Who is the reporting person in the SQNS Form 4 and what is their role?

The reporting person is Daniel Asher, identified as a 10% owner of Sequans Communications. The filing indicates he is the beneficial owner of DBA Trading, LLC and is deemed to control voting and dispositive power over certain indirectly held shares.

How many SQNS shares does DBA Trading, LLC hold after the reported transaction?

Following the reported purchase, DBA Trading, LLC is shown as indirectly holding 140,011,100 shares of Sequans Communications common stock. These shares are reported as indirectly beneficially owned, with Daniel Asher deemed to control voting and dispositive power.

What SQNS holdings are reported for AFOB FIP MS, LLC in this Form 4?

The filing reports that AFOB FIP MS, LLC indirectly holds 51,344,400 shares of Sequans Communications common stock. A footnote states that Daniel Asher is deemed to control voting and dispositive power over the shares held by this entity.

Was the SQNS Form 4 transaction a purchase or sale of shares?

The transaction reported in the Form 4 is coded "P", indicating a purchase of common stock. DBA Trading, LLC acquired 12,300 shares of Sequans Communications on January 26, 2026 at a price of $5.1198 per share.

Does Daniel Asher hold SQNS shares directly or indirectly?

The Form 4 shows indirect ownership only, through entities DBA Trading, LLC and AFOB FIP MS, LLC. Footnotes explain that Daniel Asher is the beneficial owner and is deemed to control voting and dispositive power over shares held by these entities.