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

Paris, France–(Newsfile Corp. – 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 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.

Forward-Looking Statements

This press release contains projections and other forward-looking statements regarding future events and our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our business strategy, cost optimization plans, strategic options, the ability to enter into new strategic agreements, expectations for Massive IoT sales, our ability to convert our pipeline to revenue, and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We undertake no obligation to update the information made in this release in the event facts or circumstances subsequently change after the date of this press release. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not rely on or place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. In addition to the risk factors contained in our Form 20-F for the fiscal year ended December 31, 2022, some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: (i) the contraction or lack of growth of markets in which we compete and in which our products are sold, (ii) unexpected increases in our expenses resulting from inflationary pressures and rising interest rates, including manufacturing and operating expenses and interest expense, (iii) our inability to adjust spending quickly enough to offset any unexpected revenue shortfall, (iv) delays or cancellations in spending by our customers, (v) unexpected average selling price reductions, (vi) the significant fluctuations to which our quarterly revenue and operating results are subject due to cyclicality in the wireless communications industry and transitions to new process technologies, (vii) our inability to anticipate the future market demands and future needs of our customers, (viii) our inability to achieve new design wins or for design wins to result in shipments of our products at levels and in the timeframes we currently expect, (ix) our inability to enter into and execute on strategic alliances, (x) our ability to meet performance milestones under strategic license agreements, (xi) the impact of natural disasters on our sourcing operations and supply chain, (xii) the impact of the Ukraine-Russia and Israeli-Hamas conflicts on our independent contractors located in Ukraine and operations in Israel, (xiii) our ability to raise debt and equity financing, and (xiv) other factors detailed in documents we file from time to time with the Securities and Exchange Commission.

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 , and follow us on Twitter and Linked In.

Investor Relations: Kim Rogers, Hayden IR, +1 385.831.7337, Kim@haydenir.com
Media Relations: Kimberly Tassin, +1.425.736.0569, Kimberly@sequans.com

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