Benzinga | Apr 7, 2021 06:01AM EDT

Sequans Communications Signs $50M Private Financing Agreement With Lynrock Lake LP

Use of proceeds to include repayment of convertible debt due April 14, 2021, if not converted; repayment of euro-based venture debt, and general corporate purposes

Sequans Communications S.A. (NYSE:SQNS), leading developer and provider of 5G and 4G solutions for broadband, critical, and massive IoT, announced today the signing of a $50 million private financing with Lynrock Lake Master Fund LP, a fund managed by Lynrock Lake LP ("Lynrock Lake"), an investment management firm with approximately $1.2 billion of assets under management. The financing consists of $10 million of American Depository Shares (ADS) and $40 million principal amount of convertible debt. The financing is scheduled to close April 9, 2021.