Sequans Provides Statement on Renesas Termination of MOU and Announces Conference Call to Review Fourth Quarter and Full Year 2023 Results and Outlook for Full Year 2024

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Feb. 26, 2024 – 

PARIS, France — February 26, 2024 — Sequans Communications S.A. (NYSE: SQNS) (“Sequans”) (the “Company”), a leading developer and provider of 5G/4G solutions for IoT devices, today provided a statement on Renesas’ termination of the Memorandum of Understanding between Renesas and Sequans, pursuant to which Renesas had made a tender offer to purchase all of the issued and outstanding ordinary shares of Sequans.

Throughout the tender offer process, the Company has continued to develop its business and is confident in its ability to manage the situation and continue its business as an independent company. As a result of strong customer relationships and the unique capabilities of its technology, Sequans is optimistic about its ability to grow its market share and expand its future revenue streams. In addition, the Board is pleased to have multiple strategic options to consider and is working with management to pursue each of these opportunities.

“Our revenue pipeline continued to grow during the tender process,” stated Georges Karam, CEO. “Many Massive IoT design wins are shipping and product revenues are ramping compared to 2023. We continue to enjoy a strong position in key sectors such as metering, fleet management and asset tracking. Furthermore, our 5G product is currently in the sampling phase, allowing us to capitalize on the distinct strategic value of this intellectual property. This is opening up new strategic opportunities similar to those successfully pursued in the past.

“We will update our business outlook and provide an overview of the strategic opportunities we are actively pursuing during our forthcoming fourth-quarter and full-year 2023 earnings call. We are confident about the growth perspectives in our business and about our ability to address our financial challenges in order to put the company in a healthy position.”

Sequans will release its financial results for the fourth quarter and full year 2023 on Thursday, March 7, 2024, during pre-market hours. Following the announcement, Sequans’ management will host a conference call at 8:00 a.m. ET.

Earnings Conference Call Details

Date: Thursday, March 7, 2024

Time: 8:00 a.m. ET / 14:00 CET

Dial in: U.S. toll-free: 888-886-7786

International: +1 416-764-8658

Access: When prompted, provide event title or access code 63655581.

A live and archived webcast of the call will be available from the Investor Relations section of the Sequans website at www.sequans.com/investors/webcasts-and-presentations. An audio replay of the conference call will be available until Thursday, March 14, 2024, at 11:59 PM ET by dialing toll-free 844-512-2921 in the U.S., or +1 412-317-6671 from outside the U.S., using the following access code: 63655581.

About Sequans

Sequans Communications S.A. (NYSE: SQNS) is a leading developer and supplier of cellular IoT connectivity solutions, providing chips and modules for 5G/4G massive and broadband IoT. For 5G/4G massive IoT applications, Sequans provides a comprehensive product portfolio based on its flagship Monarch LTE-M/NB-IoT and Calliope Cat 1 chip platforms, featuring industry-leading low power consumption, a large set of integrated functionalities, and global deployment capability. For 5G/4G broadband IoT applications, Sequans offers a product portfolio based on its Cassiopeia Cat 4/Cat 6 4G and high-end Taurus 5G chip platforms, optimized for low-cost residential, enterprise, and industrial applications. Founded in 2003, Sequans is based in Paris, France with additional offices in the United States , United Kingdom , Israel , Hong Kong , Singapore , Finland , Taiwan , and China . Visit Sequans online at www.sequans.com.

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