<SEC-DOCUMENT>0001383395-23-000049.txt : 20230816
<SEC-HEADER>0001383395-23-000049.hdr.sgml : 20230816
<ACCEPTANCE-DATETIME>20230816080152
ACCESSION NUMBER:		0001383395-23-000049
CONFORMED SUBMISSION TYPE:	SC14D9C
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230816
DATE AS OF CHANGE:		20230816

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SEQUANS COMMUNICATIONS
		CENTRAL INDEX KEY:			0001383395
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			I0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC14D9C
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86632
		FILM NUMBER:		231176521

	BUSINESS ADDRESS:	
		STREET 1:		15-55 BLVD CHARLES DE GAULLE
		STREET 2:		LES PORTES DE LA DEFENSE
		CITY:			COLOMBES
		STATE:			I0
		ZIP:			92700
		BUSINESS PHONE:		33170721600

	MAIL ADDRESS:	
		STREET 1:		15-55 BLVD CHARLES DE GAULLE
		STREET 2:		LES PORTES DE LA DEFENSE
		CITY:			COLOMBES
		STATE:			I0
		ZIP:			92700

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SEQUANS COMMUNICATIONS
		CENTRAL INDEX KEY:			0001383395
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			I0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC14D9C

	BUSINESS ADDRESS:	
		STREET 1:		15-55 BLVD CHARLES DE GAULLE
		STREET 2:		LES PORTES DE LA DEFENSE
		CITY:			COLOMBES
		STATE:			I0
		ZIP:			92700
		BUSINESS PHONE:		33170721600

	MAIL ADDRESS:	
		STREET 1:		15-55 BLVD CHARLES DE GAULLE
		STREET 2:		LES PORTES DE LA DEFENSE
		CITY:			COLOMBES
		STATE:			I0
		ZIP:			92700
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC14D9C
<SEQUENCE>1
<FILENAME>formsc14d9caugust2023.htm
<DESCRIPTION>SC14D9C AUGUST 2023
<TEXT>
<html><head>
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<title>Document</title></head><body><div id="i1e34909747cb4e349ddca8a98731446b_33"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:112%">UNITED STATES </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:112%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Washington, D.C. 20549</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:112%">SCHEDULE 14D-9</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:70.352%"><tr><td style="width:1.0%"></td><td style="width:35.346%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.454%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">SOLICITATION&#47;RECOMMENDATION STATEMENT </font></div><div style="text-align:center"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">UNDER SECTION 14(d)(4) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div><div style="text-align:center"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:70.352%"><tr><td style="width:1.0%"></td><td style="width:35.346%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.454%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:112%">SEQUANS COMMUNICATIONS S.A.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">(Name of Subject Company)</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:70.352%"><tr><td style="width:1.0%"></td><td style="width:35.346%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.454%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:112%">SEQUANS COMMUNICATIONS S.A.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">(Name of Person Filing Statement) </font></div><div style="text-align:center"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:70.352%"><tr><td style="width:1.0%"></td><td style="width:35.346%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.454%"></td><td style="width:0.1%"></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">American Depositary Shares, each representing four (4) ordinary shares, nominal value &#8364;0.01 per share Ordinary shares, nominal value  &#8364;0.01 per share</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:112%">(Title of Class of Securities)</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">817323207*</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:112%"> (CUSIP Number of Class of Securities)</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Georges Karam</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%"> Chairman and Chief Executive Officer</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%"> Sequans Communications S.A. </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">15-55 boulevard Charles de Gaulle </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">92700 Colombes, France </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Telephone&#58; +33 1 70 72 16 00</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%"> on Behalf of the Person Filing Statement)</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:112%">With copies to&#58;</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Brett Cooper, Esq. </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Richard Vernon Smith, Esq. </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Orrick, Herrington &#38; Sutcliffe LLP </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">The Orrick Building </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">405 Howard Street </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">San Francisco, CA 94105 </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">(415) 773-5700</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:70.352%"><tr><td style="width:1.0%"></td><td style="width:35.346%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.454%"></td><td style="width:0.1%"></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr></table></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#9746;           Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">* This CUSIP number is assigned to the Subject Company&#8217;s American Depositary Shares, each representing four         (4) Ordinary Shares.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On August 7, 2023, Sequans Communications S.A., a soci&#233;t&#233; anonyme organized under the laws of France (the &#8220;Company&#8221; or &#8220;Sequans&#8221;), issued a joint press release announcing the execution of a Memorandum of Understanding (the &#8220;MoU&#8221;) with Renesas Electronics Corporation, a Japanese corporation (&#8220;Parent&#8221; or &#8220;Renesas&#8221;). It is contemplated that pursuant to the MoU, Parent and the Company will pursue a series of transactions pursuant to which, among other transactions, Parent will seek to acquire (through an affiliate) at least 90% of the issued and outstanding ordinary shares, nominal value of &#8364;0.01 per share, of the Company (the &#8220;Company Shares&#8221;), including American Depositary Shares representing Company Shares (the &#8220;ADSs&#8221;), and Company Shares issuable upon the exercise of any outstanding options, warrants, convertible securities or rights to purchase, subscribe for, or be allocated Company Shares, pursuant to a cash tender offer (the &#8220;Offer&#8221;).</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">This Schedule 14D-9 filing consists of the following documents related to the proposed Offer&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">              (i)          Press release, issued August 16, 2023, announcing Board Recommendation that Shareholders Accept Renesas Tender Offer and Tender Shares (Exhibit 99.1)</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">              (ii)         Letter to Sequans employees from Chief Executive Officer regarding Board recommendation, first used on August 16, 2023 (Exhibit 99.2)</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The information set forth in the Form 6-K relating to the MOU and certain related agreements filed by the Company on August 7, 2023 (including all exhibits attached thereto) is incorporated herein by reference.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Important Additional Information and Where to Find It</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In connection with the proposed acquisition of Sequans Communications S.A. (&#8220;Sequans&#8221;) by Renesas Electronics Corporation, a Japanese corporation (&#8220;Parent&#8221; or &#8220;Renesas&#8221;), Parent will commence, or will cause to be commenced, a tender offer for all of the outstanding ordinary shares, American Depositary Shares of Sequans. The tender offer has not commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell securities of Sequans. It is also not a substitute for the tender offer materials that Parent or Renesas Electronics Europe GmbH, a wholly owned subsidiary of Parent (&#8220;Purchaser&#8221;) will file with the Securities and Exchange Commission (the &#8220;SEC&#8221;) upon commencement of the tender offer. At the time that the tender offer is commenced, Parent and Purchaser will file tender offer materials on Schedule TO with the SEC, and Sequans will file a Solicitation&#47;Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION&#47;RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION THAT SHOULD BE READ CAREFULLY AND CONSIDERED BY SEQUANS&#8217; SECURITY HOLDERS BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. Both the tender offer materials and the solicitation&#47;recommendation statement will be made available to Sequans&#8217; investors and security holders free of charge. A free copy of the tender offer materials and the solicitation&#47;recommendation statement will also be made available to all of Sequans&#8217; investors and security holders by contacting Sequans at ir&#64;sequans.com, or by visiting Sequans&#8217; website (www.sequans.com). In addition, the tender offer materials and the solicitation&#47;recommendation statement (and all other documents filed by Sequans with the SEC) will be available at no charge on the SEC&#8217;s website (www.sec.gov) upon filing with the SEC. SEQUANS&#8217; INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE TENDER OFFER MATERIALS AND THE SOLICITATION&#47;RECOMMENDATION STATEMENT, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND ANY OTHER RELEVANT DOCUMENTS FILED BY PARENT OR SEQUANS WITH THE SEC WHEN THEY BECOME AVAILABLE BEFORE THEY MAKE ANY DECISION WITH RESPECT TO THE TENDER OFFER. THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TENDER OFFER, PARENT AND SEQUANS.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Cautionary Note Regarding Forward-Looking Statements</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">This document including exhibits may contain certain statements that are, or may be deemed to be, forward-looking statements with respect to the transaction with Renesas. These forward-looking statements include, but are not limited to, statements regarding the satisfaction of conditions to the completion of the proposed transaction and the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">expected completion of the proposed transaction, the timing and benefits thereof, as well as other statements that are not historical fact. These forward-looking statements can be identified by the fact that they do not relate to historical or current facts.  Forward-looking statements also often use words such as &#8220;anticipate,&#8221; &#8220;target,&#8221; &#8221;continue,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8216;&#8216;forecast,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;plan,&#8221; &#8220;goal,&#8221; &#8220;believe,&#8221; &#8220;hope,&#8221; &#8220;aims,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;project,&#8221; &#8220;should,&#8221; &#8220;will&#8221; or other words of similar meaning.  These statements are based on assumptions and assessments made by Renesas and&#47;or Sequans (as applicable) in light of their experience and perception of historical trends, current conditions, future developments and other factors they believe appropriate.  By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements.  Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Forward-looking statements are not guarantees of future performance.  Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Such risks and uncertainties include, but are not limited to, the potential failure to satisfy conditions to the completion of the proposed transaction due to the failure to receive a sufficient number of tendered shares in the tender offer&#59; the failure to obtain necessary regulatory or other approvals&#59; the outcome of legal proceedings that may be instituted against Sequans and&#47;or others relating to the transaction&#59; the possibility that competing offers will be made&#59; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction&#59; significant or unexpected costs, charges or expenses resulting from the proposed transaction&#59; and negative effects of this announcement or the consummation of the proposed acquisition on the market price of Sequans&#8217; ADS and ordinary shares. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business and competitive environments, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions. If any one or more of these risks or uncertainties materializes or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward looking statements should therefore be construed in the light of such factors. A more complete description of these and other material risks can be found in Sequans&#8217; filings with the SEC, including its annual report on Form 20-F for the year ended December 31, 2022, subsequent filings on Form 6-K and other documents that may be filed from time to time with the SEC, as well as, the Schedule TO and related tender offer documents to be filed by Parent and Purchaser and the Schedule 14D-9 to be filed by Sequans. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this announcement.  Neither Renesas nor Sequans undertakes any obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">No member of the Renesas group or the Sequans group nor any of their respective associates, directors, officers, employers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Except as expressly provided in this announcement, no forward-looking or other statements have been reviewed by the auditors of the Renesas group or the Sequans group.  All subsequent oral or written forward-looking statements attributable to any member of the Renesas group or the Sequans group, or any of their respective associates, directors, officers, employers or advisers, are expressly qualified in their entirety by the cautionary statement above.</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Exhibit Index</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:14.931%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.593%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:82.076%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:4.55pt;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:114%">Exhibit No.</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:114%">Description</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;text-indent:4.55pt;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">99.1</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Press release, issued August 16, 2023, announcing Board Recommendation that Shareholders Accept Renesas Tender Offer and Tender Shares</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;text-indent:4.55pt;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">99.2</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Letter to Sequans employees from Chief Executive Officer regarding Board recommendation, first used on August 16, 2023<br></font></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit991-pressreleaseiss.htm
<DESCRIPTION>EX-99.1 PRESS RELEASE AUGUST 16, 2023 BOARD RECOMMENDATIONS
<TEXT>
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<title>Document</title></head><body><div id="i7272a37c08d94fdab791cf086f2d197b_33"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:56.978%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:40.822%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 37pt;text-align:left;vertical-align:middle"><font style="color:#3051f2;font-family:'Arial',sans-serif;font-size:32pt;font-weight:700;line-height:100%">SEQUANS</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:24pt;font-weight:400;line-height:100%">NEWS</font></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="padding-left:60.75pt;padding-right:60.75pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:112%">Sequans Board of Directors Recommends that Shareholders Accept Renesas Tender Offer and Tender Shares</font></div><div style="padding-left:60.75pt;padding-right:60.75pt;text-align:center"><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:112%">PARIS - August 16, 2023</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%"> - Sequans Communications S.A. (NYSE&#58; SQNS, &#8220;Sequans&#8221;), a leader in 5G&#47;4G cellular IoT chips and modules, today announced that its Board of Directors determined that the proposed offer from Renesas Electronics Corporation (TSE&#58; 6723, &#8220;Renesas&#8221;), as described in the memorandum of understanding (the &#8220;MoU&#8221;) between Sequans and Renesas previously announced on August 7, 2023, is consistent with and will further the business objectives and goals of Sequans and is in the best interests of the Company, its employees, and its shareholders. The Sequans Board recommends that the holders of outstanding ordinary shares, including American Depositary Shares (&#8220;ADSs&#8221;) of Sequans (each ADS representing four ordinary shares), accept Renesas&#8217; offer and tender their outstanding ordinary shares and ADSs to Renesas in such offer. The Board&#8217;s recommendation follows the conclusion of the consultation procedure of the works council of Sequans on August 10, 2023.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Renesas has informed Sequans that it intends to commence a tender offer during September 2023 to acquire all of the outstanding ordinary shares and ADSs of Sequans for $3.03 in cash per ADS and $0.7575 per ordinary share. Accordingly, Sequans anticipates concurrently making its required Schedule 14D-9 filing with the U.S Securities and Exchange Commission, which will include the recommendation from the Sequans&#8217; Board of Directors in support of the tender offer. The closing of Renesas&#8217; tender offer will be subject to the valid tender pursuant to the tender offer of ordinary shares and ADSs of Sequans representing at least 90% of the outstanding share capital of Sequans on a fully diluted basis, including Sequans shares owned by Renesas, confirmation of tax treatment from relevant authorities, receipt of required regulatory approvals and other customary closing conditions.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Important Additional Information and Where to Find It</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">In connection the proposed acquisition of Sequans Communications S.A. (&#8220;Sequans&#8221;) by Renesas Electronics Corporation, a Japanese corporation (&#8220;Parent&#8221; or &#8220;Renesas&#8221;), Parent will commence, or will cause to be commenced, a tender offer for all of the outstanding ordinary shares, American Depositary Shares of Sequans. The tender offer has not commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell securities of Sequans. It is also not a substitute for the tender offer materials that Parent or Renesas Electronics Europe GmbH, a wholly owned subsidiary of Parent (&#8220;Purchaser&#8221;) will file with the Securities and Exchange Commission (the &#8220;SEC&#8221;) upon commencement of the tender offer. At the time that the tender offer is commenced, Parent and Purchaser will file tender offer materials on Schedule TO with the SEC, and Sequans will file a Solicitation&#47;Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION&#47;RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION THAT SHOULD BE READ CAREFULLY AND CONSIDERED BY SEQUANS&#8217; SECURITY HOLDERS BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. Both the tender offer materials and the solicitation&#47;recommendation statement will be made available to Sequans&#8217; investors and security holders free of charge. A free copy of the tender offer materials and the solicitation&#47;recommendation statement will also be made available to all of Sequans&#8217; investors and security holders by contacting Sequans at ir&#64;sequans.com, or by visiting Sequans&#8217; website (www.sequans.com). In addition, the tender offer materials and the solicitation&#47;recommendation statement (and all other documents filed by Sequans with the SEC) will be available at no charge on the SEC&#8217;s website (www.sec.gov) upon filing with the SEC. SEQUANS&#8217; INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE TENDER OFFER MATERIALS AND THE SOLICITATION&#47;RECOMMENDATION STATEMENT, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND ANY OTHER RELEVANT DOCUMENTS FILED BY PARENT OR SEQUANS WITH THE SEC WHEN THEY BECOME AVAILABLE BEFORE THEY MAKE ANY DECISION WITH RESPECT TO THE TENDER OFFER. THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TENDER OFFER, PARENT AND SEQUANS.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sequans Board of Directors Recommends that Shareholders Accept Renesas Tender Offer and Tender Shares</font></div><div style="text-indent:-6.75pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Page 2</font></div></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Forward Looking Statements</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">This press release contains forward-looking statements regarding future events. All statements other than present and historical facts and conditions contained in this release, including any statements regarding the proposed tender offer and acquisition by Renesas, 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&#58; (i) the potential failure to satisfy conditions to the completion of the proposed Renesas transaction due to the failure to receive a sufficient number of tendered shares in the tender offer, (ii) the failure to obtain necessary regulatory or other approvals, (iii) the outcome of legal proceedings that may be instituted against Sequans and&#47;or others relating to the transaction, (iv) the possibility that competing offers will be made, (v) risks associated with acquisitions, such as the risk that transaction may be more difficult, time-consuming or costly than expected or that the expected benefits of the transaction will not occur, and (vi) other factors detailed in documents we file from time to time with the Securities and Exchange Commission.</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">About Sequans Communications</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:102%">Sequans Communications S.A. (NYSE&#58; SQNS) is a leading developer and provider of 5G and 4G chips and modules for IoT devices. For 5G&#47;4G massive IoT applications, Sequans provides a comprehensive product portfolio based on its flagship Monarch LTE-M&#47;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&#47;4G broadband and critical IoT applications, Sequans offers a product portfolio based on its Cassiopeia 4G Cat 4&#47;Cat 6 and planned 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, South Korea, and China.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Visit Sequans online at </font><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline">www.sequans.com</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#59; </font><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline">www.facebook.com&#47;sequans</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#59; </font><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline">www.twitter.com&#47;sequans</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Media Relations&#58;  Kimberly Tassin, +1.425.736.0569, </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline">Kimberly&#64;sequans.com</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Investor Relations&#58; Kimberly Rogers, +1 385.831-7337, krogers&#64;sequans.com</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit992-lettertosequans.htm
<DESCRIPTION>EX-99.2 LETTER TO SEQUANS EMPLOYEES
<TEXT>
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<title>Document</title></head><body><div id="i72c2f74af43b443a90edfd88a54af4f7_33"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:112%">Dear Sequanautes,</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Today we are pleased to announce that following the completion of the works council consultation process, our board of directors has determined that the proposed offer from Renesas Electronics Corporation aligns with our business objectives and will advance the goals of Sequans. Moreover, this move is in the best interests of the Company, our dedicated employees, and our shareholders. With this in mind, the board recommends that the shareholders and ADS holders accept Renesas&#8217; offer by tendering their outstanding ordinary shares and ADSs to Renesas in such offer.  </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">In terms of the next steps, Renesas will now begin preparations to commence the tender offer.  We expect that this will take place in September.   </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">We continue to target complete the transaction by the first quarter of 2024, subject to confirmation of tax treatment from relevant authorities, regulatory approvals and other customary closing conditions. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Let me reiterate, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:112%">until the transaction is completed, we maintain our status as a publicly traded company. Thus, it is paramount for all of us to maintain our unwavering focus on our daily responsibilities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">I extend my gratitude to the members of the works council in France for swift responsiveness and conscientious fulfillment of their role in the consultation process. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">As always, please don&#8217;t hesitate to reach out to your manager with additional questions or to me directly.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">All the best</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Georges</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:112%">Georges Karam </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:112%">Chairman and CEO, Sequans  </font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:112%">Important Additional Information and Where to Find It</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">In connection with the proposed acquisition of Sequans Communications S.A. (&#8220;Sequans&#8221;) by Renesas Electronics Corporation, a Japanese corporation (&#8220;Parent&#8221; or &#8220;Renesas&#8221;), Parent will commence, or will cause to be commenced, a tender offer for all of the outstanding ordinary shares, including American Depositary Shares of Sequans. The tender offer has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell securities of Sequans. It is also not a substitute for the tender offer materials that Parent or Renesas Electronics Europe GmbH, a direct wholly owned subsidiary of Parent (&#8220;Purchaser&#8221;) will file with the Securities and Exchange Commission (the &#8220;SEC&#8221;) upon commencement of the tender offer. At the time that the tender offer is commenced, Parent and Purchaser will file tender offer materials on Schedule TO with the SEC, and Sequans will file a Solicitation&#47;Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION&#47;RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION THAT SHOULD BE READ CAREFULLY AND BE CONSIDERED BY SEQUANS&#8217; SECURITYHOLDERS BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. Both the tender offer materials and the solicitation&#47;recommendation statement will be made available to Sequans&#8217; investors and security holders free of charge. A free copy of the tender offer materials and the solicitation&#47;recommendation statement will also </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">be made available to all of Sequans&#8217; investors and security holders by contacting Sequans at ir&#64;sequans.com, or by visiting Sequans&#8217; website (www.sequans.com). In addition, the tender offer materials and the solicitation&#47;recommendation statement (and all other documents filed by Sequans with the SEC) will be available at no charge on the SEC&#8217;s website (www.sec.gov) upon filing with the SEC. SEQUANS&#8217; INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE TENDER OFFER MATERIALS AND THE SOLICITATION&#47;RECOMMENDATION STATEMENT, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND ANY OTHER RELEVANT DOCUMENTS FILED BY PARENT OR SEQUANS WITH THE SEC WHEN THEY BECOME AVAILABLE BEFORE THEY MAKE ANY DECISION WITH RESPECT TO THE TENDER OFFER. THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TENDER OFFER, PARENT AND SEQUANS. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:112%">Cautionary note regarding forward-looking statements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">   </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">This press release contains forward-looking statements regarding future events. All statements other than present and historical facts and conditions contained in this release, including any statements regarding the proposed tender offer and acquisition by Renesas, 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&#58; (i) the potential failure to satisfy conditions to the completion of the proposed Renesas transaction due to the failure to receive a sufficient number of tendered shares in the tender offer, (ii) the failure to obtain necessary regulatory or other approvals, (iii) the outcome of legal proceedings that may be instituted against Sequans and&#47;or others relating to the transaction, (iv) the possibility that competing offers will be made, (v) risks associated with acquisitions, such as the risk that transaction may be more difficult, time-consuming or costly than expected or that the expected benefits of the transaction will not occur, and (vi) other factors detailed in documents we file from time to time with the Securities and Exchange Commission.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
