- Sequans Communications (NYSE:SQNS) is 3.6% lower postmarket after a filing for its holder Nokomis Capital Master Fund to offer American Depositary Shares.
- Each ADS represents four ordinary shares, with nominal value of €0.02/share.
- The ADS to be offered by Nokomis are issued pursuant to converting $12.4M in principal and accrued paid-in-kind interest of Sequans' convertible notes.
- And underwriters are expected to receive a 30-day greenshoe option to buy up to an additional 15% of the ADS sold by Nokomis.
- Sole book-runner on the offering is B. Riley Securities.