Sequans Communications (SQNS) investor group discloses 10.22% ownership

Rhea-AI Filing Summary

Sequans Communications received an updated Schedule 13G/A showing that investor Daniel Asher and related entities report beneficial ownership of a significant stake in the company’s ordinary shares. Asher is reported as beneficially owning 1,684,946 ordinary shares, representing 10.22% of the outstanding class, with shared voting and dispositive power over these shares.

Within this total, DBA Trading LLC is listed with beneficial ownership of 1,171,503 shares, or 7.11% of the class, while AFOB FIP MS, LLC and AFO Blackberry, LLC are each listed with 513,443 shares, or 3.12% of the class. The filing explains that Asher is deemed to control and share voting and dispositive power over the shares held by these entities. The reporting persons certify that the securities were not acquired and are not held for the purpose of changing or influencing control of Sequans Communications.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Sequans Communications

(Name of Issuer)

Ordinary Shares, nominal value Euro $0.01 per share

(Title of Class of Securities)

817323306

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 817323306

1

Names of Reporting Persons

DANIEL ASHER

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,684,946.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,684,946.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,684,946.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.22 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 817323306

1

Names of Reporting Persons

AFO Blackberry, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 513,443.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 513,443.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

513,443.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.12 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 817323306

1

Names of Reporting Persons

AFOB FIP MS, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 513,443.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 513,443.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

513,443.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.12 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 817323306

1

Names of Reporting Persons

DBA TRADING LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,171,503.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,171,503.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,171,503.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.11 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Sequans Communications
(b)	Address of issuer's principal executive offices: 15-55 Boulevard Charles de Gaulle, 92700, Colombes France
Item 2.
(a)	Name of person filing: Daniel Asher, DBA Trading, LLC. AFOB FIP MS, LLC
(b)	Address or principal business office or, if none, residence: 1011 Lake Street Suite 311 Oak Park, IL 60301
(c)	Citizenship: USA
(d)	Title of class of securities: Ordinary Shares, nominal value Euro $0.01 per share
(e)	CUSIP No.: 817323306
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Row 9 of cover page for each reporting person.
(b)	Percent of class: See Row 11 of cover page for each reporting person
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Row 5 of cover page for each reporting Person.
	(ii) Shared power to vote or to direct the vote: See Row 6 of cover page for each reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: See Row 7 of cover page for each reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: See Row 8 of cover page for each reporting Person. Daniel Asher is the beneficial owner of, DBA Trading, LLC, and is deemed to control and share voting and dispositive power over the shares held by them. 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 AFO Blackberry.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

DANIEL ASHER

Signature:	Daniel Asher
Name/Title:	Daniel Asher
Date:	01/07/2026

AFO Blackberry, LLC

Signature:	Fred Goldman
Name/Title:	Fred Goldman, Treasurer
Date:	01/07/2026

AFOB FIP MS, LLC

Signature:	Fred Goldman
Name/Title:	Fred Goldman, Treasurer of AFO Blackberry, LLC Managing Member of AFO FIP MS LLC
Date:	01/07/2026

DBA TRADING LLC

Signature:	Fred Goldman
Name/Title:	Fred Goldman, Member
Date:	01/07/2026

Exhibit Information

99.1 Joint Filing Agreement of the Reporting Persons. 99.2 Transactions of the Reporting Persons

FAQ

What does the Schedule 13G/A filing reveal about SQNS ownership?

The Schedule 13G/A shows that Daniel Asher and related entities report beneficial ownership of 1,684,946 Sequans Communications ordinary shares, representing 10.22% of the outstanding class, with shared voting and dispositive power over these shares.

How many Sequans Communications (SQNS) shares does DBA Trading LLC report owning?

DBA Trading LLC reports beneficial ownership of 1,171,503 ordinary shares of Sequans Communications, representing 7.11% of the outstanding class, with shared voting and dispositive power over these shares.

What stakes do AFOB FIP MS, LLC and AFO Blackberry, LLC hold in Sequans Communications (SQNS)?

AFOB FIP MS, LLC and AFO Blackberry, LLC are each listed as beneficially owning 513,443 Sequans ordinary shares, representing 3.12% of the class for each entity, with shared voting and dispositive power.

How is Daniel Asher’s control over SQNS shares described in the filing?

The filing states that Daniel Asher is the beneficial owner of DBA Trading LLC and is deemed to control and share voting and dispositive power over the shares held by it. It also states that AFO Blackberry, LLC is the managing member of AFOB FIP MS, LLC and that Asher is deemed to control and share voting and dispositive power over the shares held by AFO Blackberry.

Does this SQNS Schedule 13G/A indicate an attempt to change control of the company?

No. The reporting persons certify that the securities were not acquired and are not held for the purpose of, or with the effect of, changing or influencing the control of Sequans Communications and are not held in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under the cited rule.

What class of Sequans Communications (SQNS) securities is covered in this filing?

The filing covers Ordinary Shares of Sequans Communications with a nominal value of Euro $0.01 per share, identified by CUSIP 817323306.