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.