Sequans Communications (SQNS)
As of 2026-01-06
Convertible Risk Score
57
Tier
Moderate
Rationale
• Moderate-to-large secured convertible outstanding relative to market cap
• Short weighted-average duration
• Conversion price far out-of-the-money; conversion unlikely under current conditions
• Debt is secured; exact collateral and enforcement terms not fully disclosed
• Redemption funded through sale of Bitcoin
• Partial redemption reduced convertible exposure
Key metrics
Total principal
94.5M USD
BTC Holdings
2,189 BTC
Convertible / BTC Holdings
46.9%
Weigthed-average maturity
2028-07-07
Weigthed-average conversion price
21.00 USD
Dilution if full conversion
29.5%
% ITM (proxy)
23.5%
BTC solvency breakeven (1Y)
—
BTC solvency breakeven (3Y)
$43.2K
BTC solvency breakeven (5Y)
$43.2K
Active convertibles
| Issue | Maturity | Coupon | Principal | Outstanding | Conv. price | Notes |
|---|---|---|---|---|---|---|
| 2025-07-07 | 2028-07-07 | 0% | 189.00M USD | 94.50M USD | 21.00 USD | Redeemed 50%; financed by selling btc |
Expired / historical convertibles
No expired convertibles entered yet.
Updates
- 2026-01-06 — Disclosure terms · Jul 2028 secured convertible; 3-year maturity; conversion price set at USD 21 per share. [source]
- 2025-11-04 — Sequans redeems 50% of convertible debt · Redeemed USD 94.5M of outstanding convertibles using proceeds from sale of 970 BTC. [source]
- 2025-07-07 — Issued USD 189M · Jul 2028 secured convertible; conversion terms not disclosed. [source]