Sequans Communications receives NYSE noncompliance notice

On September 14, Sequans Communications S.A. (NYSE:SQNS) learned it had received a noncompliance notice from the New York Stock Exchange. The company found itself out of compliance with Section 802.01B of the NYSE Listed Company Manual, according to a press release. The reason behind this breach was an average global market capitalization that fell short of $50 million over a 30-day span, coupled with shareholders’ equity dropping below $50 million.

However, this notice does not automatically lead to the delisting of Sequans’ American Depositary Shares from the NYSE. Instead, the company has been given 90 days to present a remedial plan, after which the NYSE will evaluate its feasibility within a 45-day period. If the NYSE deems Sequans’ plan reasonable, the company’s ADSs will remain listed and tradable, provided the company adheres to other NYSE listing standards throughout the subsequent nine-month cure period.

Sequans has committed to a comprehensive compliance plan that involves the completion of its Bitcoin treasury exit, enhancement of its financial base, and a steadfast focus on its semiconductor growth strategy. Founded in 2003 and based in France, Sequans operates globally with offices spread across the United States, United Kingdom, Switzerland, Israel, Finland, Taiwan, and China.