Sequans Communications (SQNS) Prices 26.67M Share Offering at $3/sh

Sequans Communications S.A. (NYSE: SQNS), a leading developer and provider of 5G and 4G chips and modules for IoT devices, today announced the pricing of an underwritten public offering of 6,666,667 American Depositary Shares (the "ADSs"), representing 26,666,668 ordinary shares, at a price of $3.00 per ADS, in an underwritten public offering under an effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC"). The Company has also granted to the underwriters a 30-day option to acquire an additional 1,000,000 ADSs to cover overallotments, if any, in connection with the offering. After deducting the underwriting discount and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $18.2 million, assuming no exercise of the overallotment option. The Company intends to use the net proceeds from the offering for general corporate purposes. The offering is expected to close on March 15, 2022, subject to customary closing conditions.

B. Riley Securities, Inc. is acting as the sole book-running manager of the offering, and Roth Capital Partners is acting as the lead manager.

The ADSs described above are being offered by Sequans pursuant to a shelf registration statement on Form F-3 (File No. 333-250122), including a base prospectus, previously filed with, and subsequently declared effective, by the SEC on November 24, 2020. The ADSs may be offered only by means of a prospectus. A preliminary prospectus supplement and accompanying base prospectus relating to the offering was filed with the SEC on March 10, 2022and a final prospectus supplement and accompanying base prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Copies of the final prospectus supplement and accompanying base prospectus relating to this offering may also be obtained, when available, by contacting B. Riley Securities, Inc., Attention: Prospectus Department, 1300 17th St. North, Ste. 1300, Arlington, VA 22209, or by email at [email protected], or by telephone at (703) 312-9580. Before you invest, you should read the final prospectus supplement and the accompanying base prospectus and other documents Sequans has filed or will file with the SEC for more complete information about Sequans and the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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