TechFlow news, November 4 — According to Investing.com, U.S.-listed semiconductor company Sequans Communications (NYSE: SQNS) redeemed 50% of its convertible bonds by selling 970 bitcoins. The transaction reduced the company's total debt from $189 million to $94.5 million.
Sequans currently holds 2,264 bitcoins, down from the previous 3,234. Based on current market prices, the company's net bitcoin asset value is approximately $240 million, reducing its debt-to-net-asset-value ratio from 55% to 39%.
Company CEO Georges Karam stated: "Our strategy regarding bitcoin asset allocation and our strong conviction in bitcoin remain unchanged. This transaction was a tactical decision based on current market conditions aimed at unlocking shareholder value."
The debt reduction is expected to strengthen the company's previously announced ADS buyback program. Sequans, focused on wireless 4G/5G cellular technologies for the Internet of Things, earlier this year announced adopting bitcoin as a primary treasury asset.
