Oasis and Seth Fischer Report 141.1M Shares (8.6%) in Sequans Communications

Rhea-AI Filing Summary

Oasis Management Company Ltd. and Seth Fischer jointly report beneficial ownership of 141,131,590 Ordinary Shares of Sequans Communications S.A., representing 8.6% of the outstanding class based on a stated total of 1,648,032,862 Ordinary Shares. The shares are held by Oasis Investments II Master Fund Ltd. and are reported with shared voting and shared dispositive power; both Reporting Persons report 0 shares of sole voting or sole dispositive power.

The filing identifies the class as Ordinary Shares (EUR0.01 par value) and notes each American Depositary Share corresponds to 10 Ordinary Shares. The Reporting Persons certify the shares are held in the ordinary course of business and not to change or influence control of the issuer. Addresses and citizenships of the Reporting Persons are provided.

Positive

• Clear disclosure of a material minority stake: 141,131,590 shares representing 8.6% of the class.
• Detailed structure provided: identifies the holder (Oasis Fund), the investment manager (Oasis Management) and the responsible individual (Seth Fischer).
• Certifies ordinary-course holding: Item 10 states shares are not held to change or influence control of the issuer.

Negative

• No sole voting or dispositive power reported: both Reporting Persons report 0 sole voting and 0 sole dispositive power, which may limit direct influence.
• Ownership reported as shared, which may obscure who exercises decision-making authority absent further detail.
• No explicit statement of intent beyond ordinary-course certification, leaving future intentions or plans unaddressed in the filing.

Insights

Financial Analyst

TL;DR An 8.6% stake is disclosed, providing clear ownership metrics without indication of a control intent.

The filing shows a material minority economic interest of 141,131,590 Ordinary Shares, equal to 8.6% of the 1,648,032,862 shares used in the calculation. Ownership is reported through an investment fund, with voting and dispositive powers listed as shared, which typically indicates the stake is managed alongside other investors or stakeholders rather than controlled individually. The certification in Item 10 states the position is held in the ordinary course of business and not for changing control, which is important for assessing activist risk. The filing supplies the issuer's principal office and clarifies ADS conversion (1 ADS = 10 Ordinary Shares), which helps reconcile ADS/CUSIP reporting.

Corporate Governance Expert

TL;DR Disclosure is timely and detailed on voting/dispositive arrangements, but shows no sole control by the filers.

The report identifies both Oasis Management and an individual, Seth Fischer, as Reporting Persons and specifies shared voting and dispositive authority over the full reported position. The absence of sole voting or dispositive power signals no single-party control asserted in this filing. Item 6 and related sections indicate the shares are held on behalf of the Oasis Fund, and Item 10's certification disclaims intent to influence control, which reduces immediate governance escalation concerns. The joint filing agreement is referenced as Exhibit 99.1, confirming a collaborative reporting structure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SEQUANS COMMUNICATIONS

(Name of Issuer)

Ordinary Shares, nominal value EUR0.01 per share

(Title of Class of Securities)

817323306

(CUSIP Number)

06/30/2025

(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

Oasis Management Company Ltd.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 141,131,590.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 141,131,590.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

141,131,590.00

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)

8.6 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 817323306

1

Names of Reporting Persons

Seth Fischer

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

GERMANY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 141,131,590.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 141,131,590.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

141,131,590.00

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)

8.6 %

12

Type of Reporting Person (See Instructions)

HC, IN

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: This statement is filed by: i. Oasis Management Company Ltd., a Cayman Islands exempted company ("Oasis Management" or the "Investment Manager"), with respect to the ordinary shares, nominal value EUR0.01 per share ("Ordinary Shares") of Sequans Communications S.A. (the "Company") held by Oasis Investments II Master Fund Ltd. (the "Oasis Fund"); and ii. Seth Fischer ("Mr. Fischer"), responsible for the supervision and conduct of all investment activities of the Investment Manager, including all investment decisions with respect to the assets of the Oasis Fund, with respect to the Ordinary Shares held by the Oasis Fund. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the Reporting Persons is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein. There is no CUSIP number assigned to the Ordinary Shares. CUSIP number 817323306 has been assigned to the American Depositary Shares ("ADSs") of the Company. Each ADS represents 10 Ordinary Shares.
(b)	Address or principal business office or, if none, residence: The address of the business office of Oasis Management is 4th Floor Anderson Square, 64 Shedden Road, P.O. Box 10324 Grand Cayman, Cayman Islands KY-1103. The address of the business office of Mr. Fischer is c/o Oasis Management (Hong Kong) 25/F, LHT Tower, 31 Queen's Road Central, Central, Hong Kong.
(c)	Citizenship: Oasis Management is a Cayman Islands exempted company. Mr. Fischer is a citizen of Germany.
(d)	Title of class of securities: Ordinary Shares, nominal value EUR0.01 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: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentages set forth in this Schedule 13G are calculated based upon an aggregate of 1,648,032,862 Ordinary Shares outstanding, which is the sum of: (i) 255,175,722 Ordinary Shares as of June 22, 2025, as reported in Exhibit 10.1 to the Company's Report of Foreign Private Issuer on Form 6-K/A filed with the Securities and Exchange Commission (the "SEC") on June 23, 2025, and (ii) 1,392,857,140 Ordinary Shares issued in the private placement as described in Exhibit 99.1 to the Company's Report of Foreign Private Issuer on Form 6-K filed with the SEC on June 23, 2025.
(b)	Percent of class: 8.6%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a).
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 acquired and are held in the ordinary course of business and 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.

Oasis Management Company Ltd.

Signature:	/s/ Phillip Meyer
Name/Title:	Phillip Meyer, Director
Date:	08/14/2025

Seth Fischer

Signature:	/s/ Seth Fischer
Name/Title:	Seth Fischer, individually
Date:	08/14/2025

Exhibit Information

Exhibit 99.1: Joint Filing Agreement

FAQ

How many Sequans Communications (SQNS) shares do Oasis Management and Seth Fischer report owning?

They report beneficial ownership of 141,131,590 Ordinary Shares, representing 8.6% of the outstanding class used in the filing.

Is the reported SQNS position held with sole voting control?

No. The filing shows 0 shares of sole voting power and 141,131,590 shares of shared voting power for each Reporting Person.

Are these shares held directly or through a fund for SQNS?

The shares are held by Oasis Investments II Master Fund Ltd.; Oasis Management is reported as the investment manager filing on behalf of the fund.

Does the filing indicate an intent to influence control of Sequans Communications (SQNS)?

No. Item 10 certifies the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

How does the filing treat American Depositary Shares (ADS) for SQNS?

The filing notes each ADS represents 10 Ordinary Shares and the CUSIP provided (817323306) is assigned to the ADSs.

What total share count is used to calculate the 8.6% ownership in the SQNS filing?

The percentage is calculated using an aggregate of 1,648,032,862 Ordinary Shares outstanding, as specified in the filing.