Sequens Communications, a developer based in France of the IoT semi -hunts technology in France, has announced a passage to Bitcoin with a new treasure initiative supported by a private positioning of $ 384 million.
The loan includes $ 195 million in equity securities and 189 million dollars in convertible guaranteed notes. Sequens plans to allocate this capital towards the construction of a Bitcoin position together with its central IoT operations.
“Our strategy of the Bitcoin Treasury reflects our strong belief in Bitcoin as the main activity and a compelling long -term investment,” said Georges Karam, CEO of sequences. “We believe that the unique characteristics of Bitcoin will improve our financial resilience and provide a significant value to our shareholders”.
To guide his treasure strategy, Sequens is collaborating with Swan Bitcoin, a company based in the United States specialized in Bitcoin custody, institutional liquidity and investment strategy. Swan will help the company navigate in the operational and safety aspects of the acquisition and storage of Bitcoin.
During the new initiative, Karam stressed that Sequens remains engaged in his primary mission. “We continue to support our customers with a robust Roadmap of 4G and 5G products, offering innovative solutions to meet the evolving IoT application needs and guarantee a transition without continuity from 4G to 5G,” he said.
Sequens will issue over 1.39 billion ordinary actions and Warrant in the share offer and further warrant related to the positioning of the debt. The offer should close by 1 July, pending the approval of the shareholders during a meeting of 30 June.
Placement agents include Northland Capital Markets, B. Riley Securities and YorkVille Securities. The legal consultant includes Lowenstein Sandler LLP (USA) and Archers (France) for sequinis and goodwin procter LLP for agents.
The move aligns the sequelni with an increasing trend of public companies that exploit Bitcoin as a treasure resource, a popular rendering strategy by companies such as Strategy and Semler Scientific. Sequens currently holds a market capitalization of about $ 40 million. His shares dropped by 12% to $ 1.62 in the negotiations on Monday after the announcement.