Sequans Communications CFO Deborah Annette Choate filed an initial statement of beneficial ownership. She reports direct holdings of American Depositary Shares representing 1,242,400 ordinary shares, plus 700,708 ordinary shares.
The ordinary share total includes 692,000 shares subject to vesting. The American Depositary Shares have no exercise date, exercise price, or expiration date, and each represents 100 ordinary shares.
Sequans Communications S.A. reported that shareholders at a combined ordinary and extraordinary meeting approved all proposals recommended by the Board of Directors. American Depositary Shares representing 1,447,873,300 ordinary shares and 8,794 ordinary shares, together 1,447,882,094 ordinary shares, or 99.9% of the ordinary shares outstanding as of the record date, were voted.
Shareholders approved an immediate reduction of share capital by a nominal €1,516,973 through cancelling 151,697,300 shares held by the company, and authorized the Board to further reduce share capital by up to a nominal €7,239,462 through cancelling up to 723,946,200 additional shares held by the company. An ordinary resolution granting powers for formalities was also approved.
Sequans Communications S.A. has amended its Secured Convertible Debenture Purchase Agreement to fully redeem the remaining $94.5 million aggregate principal amount of outstanding convertible debentures. The redemption will be paid in cash at 100% of principal plus accrued and unpaid interest.
The cash will come from selling up to 1,617 Bitcoin held in a collateral securities account, in increments so that by June 1, 2026 either the debentures are fully redeemed or all Bitcoin in the account has been sold to redeem the applicable portion. Any principal and accrued interest that remains after all 1,617 Bitcoin are released cannot be put back to the company for repurchase by debenture holders until at least January 7, 2027, except as otherwise provided in the debenture terms.
Sequans Communications reported unaudited fourth-quarter 2025 revenue of $7.0 million, up 72.6% from the prior quarter but down 37.0% from the fourth quarter of 2024, when results were boosted by a large Qualcomm license deal. Full-year 2025 revenue was $27.2 million versus $36.8 million in 2024.
The company recorded a fourth-quarter operating loss of $74.5 million and a net loss of $87.1 million, driven mainly by a $56.9 million non-cash impairment of its Bitcoin holdings and an $8.4 million realized loss on Bitcoin sales. For 2025, net loss was $102.4 million, compared with net profit of $57.6 million in 2024, which had included a $153.1 million gain on a 4G asset sale.
On a non-IFRS basis, fourth-quarter net loss was $18.5 million and full-year non-IFRS net loss was $43.8 million, compared with non-IFRS profit of $2.2 million and $64.1 million in the respective 2024 periods. At December 31, 2025, cash and cash equivalents were $13.4 million and the company held 2,139 Bitcoin valued at $187.1 million, with 1,617 Bitcoin pledged as collateral for $94.5 million of convertible debt. Management highlighted a design-win pipeline above $300 million in potential three-year IoT product revenue, growing mass-production projects, significant ADS repurchases in the fourth quarter, and a stated goal of reaching projected cash-flow break-even by the end of 2026.
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.
Sequans Communications received an amended Schedule 13G showing that investor Daniel Asher, together with affiliated entities, reports beneficial ownership of 190,125,500 ordinary shares, representing 11.54% of the outstanding ordinary shares. The filing breaks this down among entities, including DBA Trading LLC with 138,781,100 shares (8.42% of the class) and AFOB FIP MS, LLC, through its managing member AFO Blackberry, LLC, with 51,344,400 shares (3.12% of the class).
The filing states that Asher is deemed to control and share voting and dispositive power over the shares held by DBA Trading LLC and AFO Blackberry. It also certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Sequans Communications.
Sequans Communications’ 10% owner Daniel Asher, through affiliated entities, reported additional indirect purchases of the company’s common stock. On January 20, 2026, DBA Trading, LLC, beneficially owned and controlled by Asher, bought 19,660 shares at $5.2941 per share. On January 21, 2026, DBA Trading, LLC purchased another 22,600 shares at $5.2403 per share.
After these transactions, DBA Trading, LLC held 1,895,678 Sequans shares indirectly for Asher. Separately, AFOB FIP MS, LLC, whose managing member is AFO Blackberry, LLC and over which Asher is deemed to control voting and dispositive power, held an additional 513,443 shares of Sequans common stock indirectly for him.
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.
Sequans Communications S.A. has called an ordinary and extraordinary shareholders’ meeting on February 19, 2026 to vote on significant share capital reductions linked to its ADS buyback program. The Board asks shareholders to approve the cancellation of 151,697,300 ordinary shares, representing shares underlying 1,516,973 ADSs bought back in November and December 2025, which equaled about 9.48% of issued ordinary shares as of December 31, 2025. A second proposal would authorize the Board, for 18 months, to cancel additional shares acquired under future ADS buybacks, up to 723,946,200 shares, limited to roughly 50% of the outstanding shares after the first cancellation so the company stays within the 10% legal holding cap under French law. A third, ordinary resolution would grant a formalities agent authority to handle required registrations and filings. The Board recommends voting in favor of all three proposals and the company’s depositary may vote underlying ADSs in line with that recommendation if holders do not return proxy cards.
Sequans Communications reported insider share purchases by an affiliated entity of major shareholder Daniel Asher. On January 13, 2026, DBA Trading, LLC bought 57,809 shares of Sequans common stock at $5.5097 per share. On January 14, 2026, DBA Trading, LLC acquired an additional 15,100 shares at $5.6856 per share. Following these trades, DBA Trading, LLC held 1,813,587 shares of Sequans common stock indirectly attributed to Asher, who is a more than 10% owner. The filing also shows 513,444 shares of common stock indirectly held through AFOB FIP MS, LLC, an entity whose voting and dispositive power is likewise deemed controlled by Asher.