SCHEDULE: Boothbay Fund Management Reports 0% Stake in Sequans

Boothbay Fund Management LLC and Ari Glass have filed an amended Schedule 13G, reporting zero beneficial ownership in Sequans Communications S.A. ordinary shares.

Summary

• Boothbay Fund Management LLC and Ari Glass filed an Amendment No. 1 to Schedule 13G.
• The filing reports 0% beneficial ownership of Ordinary Shares, nominal value 0.02, in Sequans Communications S.A. (CUSIP: 817323207).
• The date of the event requiring this filing was September 30, 2025.
• The reporting persons explicitly disclaim beneficial ownership of any securities reported, except to the extent of their pecuniary interest, particularly where investment and voting discretion was delegated to a subadvisor and cannot be terminated within sixty days.

Sentiment

Score: 3

Explanation: The filing reports a complete divestment by a previously significant investor, which is generally a negative signal for the issuer, Sequans Communications S.A. However, the filing itself is a neutral, factual disclosure of ownership change.

Positives

• The filing provides clear transparency regarding the current ownership status of Boothbay Fund Management LLC and Ari Glass in Sequans Communications S.A.

Negatives

• The reporting of 0% beneficial ownership indicates a complete divestment by Boothbay Fund Management LLC and Ari Glass, which could be perceived negatively by the market regarding Sequans Communications S.A.

Future Outlook

NA

Industry Context

This filing is a standard regulatory disclosure of a change in a significant investor's stake. While it does not directly address broader industry trends, a divestment by an institutional investor could be interpreted as a change in their view of the company or sector.

Stakeholder Impact

• Shareholders: Existing shareholders of Sequans Communications S.A. might view the divestment by Boothbay Fund Management LLC and Ari Glass as a negative signal, potentially influencing their investment decisions.

Key Dates

Recommendation

The complete divestment by a significant institutional investor like Boothbay Fund Management LLC, as indicated by their 0% beneficial ownership, suggests a loss of confidence or a strategic shift away from Sequans Communications S.A. This action by a sophisticated investor could signal underlying concerns about the company's future prospects or valuation, warranting a 'sell' recommendation for other investors to reconsider their positions.

Keywords

Sequans Communications S.A., Boothbay Fund Management LLC, Ari Glass, Schedule 13G, Beneficial Ownership, Divestment, SEC Filing, Ordinary Shares