SQNS Ownership Update: Daniel Asher and Related Entities Disclose Holdings

Rhea-AI Filing Summary

Sequans Communications received a Schedule 13G reporting disclosed holdings by several U.S.-based reporting persons. Daniel Asher is reported with 82,882,580 shared voting and dispositive shares, representing 5.03% of the class. Other reporting persons and their reported shared holdings include AFO Blackberry, LLC and AFOB FIP MS, LLC with 51,344,360 shares (3.12%), DBA Trading LLC with 29,226,350 shares (1.77%), Intracoastal Capital, LLC with 1,853,010 shares (0.11%), and Sphinx Trading LP with 458,860 shares (0.03%). The filing states these securities were not acquired to influence control of the issuer. Addresses, signatures, and exhibits (joint filing agreement and transactions) are included.

Positive

• Clear disclosure of beneficial ownership percentages for multiple reporting persons
• Daniel Asher reported a passive stake of 5.03%, meeting public disclosure thresholds
• Joint filing agreement and transactions exhibits are attached, enabling verification of relationships and activity

Negative

• None.

Insights

Financial Analyst

TL;DR: A clustered group of holders led by Daniel Asher discloses a passive 5.03% stake; ownership is material but below a controlling threshold.

The filing shows a meaningful passive stake by Daniel Asher at 5.03% of Sequans ordinary shares, complemented by related entities holding additional positions (notably 51.3m shares reported by AFO entities and 29.2m by DBA Trading). For investors, a >5% passive disclosure signals a notable shareholder with potential influence through coalition voting, although the certification explicitly states these shares are not held to change control. The document includes joint filing and transaction exhibits, which could clarify acquisition timing and relationships among filers.

Corporate Governance Expert

TL;DR: Multiple related reporting persons filed jointly; disclosure indicates coordinated holdings but asserts no intent to effect control.

The Schedule 13G lists several related U.S. entities and individuals filing together, including signatures by common signatories, implying coordinated ownership reporting. The statement includes the required certification that the positions are not intended to influence control, consistent with Schedule 13G passive reporting. Governance reviewers would note the proximity to the 5% threshold and the existence of a joint filing agreement (Exhibit 99.1) as items to examine for any future shifts toward active engagement or a change in filing status.

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 Euro 0.01 per share

(Title of Class of Securities)

817323306

(CUSIP Number)

09/16/2025

(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 82,882,580.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 82,882,580.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

82,882,580.00

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)

5.03 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 817323306

1

Names of Reporting Persons

Intracoastal Capital, 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 1,853,010.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,853,010.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,853,010.00

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)

0.11 %

12

Type of Reporting Person (See Instructions)

OO

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 51,344,360.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 51,344,360.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

51,344,360.00

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 51,344,360.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 51,344,360.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

51,344,360.00

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

SPHINX TRADING LP

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 458,860.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 458,860.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

458,860.00

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)

0.03 %

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 29,226,350.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 29,226,350.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

29,226,350.00

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)

1.77 %

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, Sphinx Trading, LP, DBA Trading, LLC. Intracoastal Capital, 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.
Item 5.	Ownership of 5 Percent or Less of a Class.
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:	/s/ Daniel Asher
Name/Title:	Daniel Asher
Date:	09/26/2025

Intracoastal Capital, LLC

Signature:	/s/ Daniel Asher
Name/Title:	Daniel Asher
Date:	09/26/2025

AFO Blackberry, LLC

Signature:	/s/ Fred Goldman
Name/Title:	Fred Goldman, Treasurer
Date:	09/26/2025

AFOB FIP MS, LLC

Signature:	/s/ Fred Goldman
Name/Title:	Fred Goldman, Treasurer of AFO, Blackberry, LLC Managing Member of AFO FIP MS LLC
Date:	09/26/2025

SPHINX TRADING LP

Signature:	/s/ Fred Goldman
Name/Title:	Fred Goldman, CFO
Date:	09/26/2025

DBA TRADING LLC

Signature:	/s/ Fred Goldman
Name/Title:	Fred Goldman, Member
Date:	09/26/2025

Exhibit Information

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

FAQ

What stake did Daniel Asher disclose in Sequans Communications (SQNS)?

Daniel Asher reported 82,882,580 shared voting and dispositive shares, equal to 5.03% of the class.

Do the reporting persons state intent to influence control of SQNS?

The filing includes a certification 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 the issuer.

Which other entities filed Schedule 13G related to SQNS and how much do they hold?

Reported holders include AFO Blackberry, LLC / AFOB FIP MS, LLC with 51,344,360 shares (3.12%), DBA Trading LLC with 29,226,350 shares (1.77%), Intracoastal Capital, LLC with 1,853,010 shares (0.11%), and Sphinx Trading LP with 458,860 shares (0.03%).

What exhibits are included with this Schedule 13G for SQNS?

The filing lists Exhibit 99.1 (Joint Filing Agreement of the Reporting Persons) and Exhibit 99.2 (Transactions of the Reporting Persons).

Where is Sequans Communications' principal executive office listed in the filing?

The filing lists the issuer's principal executive offices at 15-55 Boulevard Charles de Gaulle, 92700, Colombes France.