Sequans Communications, a Paris-based semiconductor company backed by the French government, has successfully closed a $384 million investment through a mix of debt and equity private placements to fund its new Bitcoin treasury initiative, according to a Tuesday press release.

The round included more than 40 institutional participants and was coordinated and structured by Northland Capital Markets, B. Riley Securities, and Yorkville Securities, the investment firm that has partnered with Crypto.com and Trump Media & Technology Group (TMTG) to launch digital asset ETFs.

Sequans plans to partner with Swan Bitcoin for implementation, using its institutional services to ensure secure execution and governance.

The company, which trades on the NYSE under the ticker SQNS, saw its shares surge more than 60% to $2.3 in pre-market trading on Tuesday, according to Yahoo Finance data.

Sequans recently received a non-compliance notice from the NYSE after its average global market capitalization and stockholders’ equity both fell below the $50 million threshold required for listing.

The company is currently in a cure period, during which it must submit and execute a plan to regain compliance within nine months. As of press time, Sequans’ market cap stood at approximately $38 million.

“With the closing of this financing, we are excited to begin executing our Bitcoin treasury strategy,” said Georges Karam, CEO of Sequans. “We believe Bitcoin’s unique properties will enhance our financial resilience and create long-term value for our shareholders. Our intention is to continue acquiring bitcoin in the future, using excess cash generated from our core business operations and additional proceeds.”

Sequans, the leader in the Internet of Things (IoT) market for cellular semiconductor solutions, first announced its Bitcoin treasury initiative in June, targeting to expand beyond its core semiconductor business.

The company secured €10.9 million in funding from the French government last year to advance its 5G eRedCap semiconductor technology for IoT applications.

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