Sequans Communications Prices Public Offering 12.50 Mln Shares At $1.80/ADS

(RTTNews) - Sequans Communications S.A. (SQNS) announced that it has priced an underwritten public offering of American Depositary Shares or ADSs, representing 12.50 million 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 million 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.

The company stated that it intends to use the net proceeds from the offering for general corporate purposes.