Sequans Communications S.A. entered into a second amendment to its Secured Convertible Debenture Purchase Agreement on February 10, 2026, which provides for the redemption of $94.5 million in outstanding debentures using proceeds from the sale of Bitcoin collateral. This amendment establishes a redemption timeline and modifies repurchase options for any remaining debt after Bitcoin sales are completed.
Key takeaways
The company entered into a second amendment to its Secured Convertible Debenture Purchase Agreement on February 10, 2026.
The amendment provides for redemption of $94.5 million aggregate principal amount of outstanding debentures at 100% of principal plus accrued interest.
Redemption will be funded by selling Bitcoin held in a securities account securing the debentures (the Bitcoin Collateral Account).
The redemption must be completed such that either all debentures are fully redeemed or all 1,617 Bitcoin in the collateral account are sold by June 1, 2026.
Any outstanding amount remaining after all Bitcoin is sold will not be subject to repurchase by the company at holder option until January 7, 2027 at the earliest.