Sequans Prices 12.5M ADS Offering at $1.80/ADS

Sequans Communications SQNS today announced the pricing of an underwritten public offering of American Depositary Shares (ADSs), representing 12,500,000 ordinary shares, at a price of $1.80 per ADS. The company has also granted to the underwriters a 30-day option to acquire an additional 1,875,000 ADSs to cover overallotments, if any, in connection with the offering. After the underwriting discount and estimated offering expenses payable by the company, the company expects to receive net proceeds of approximately $20.4 million, assuming no exercise of the overallotment option. The offering is expected to close on November 26, 2013, subject to customary closing conditions. Needham & Company is acting as the sole book-running manager of the offering. Craig-Hallum See full press release