--- title: "Sequans' market cap is $12.5 million below the NYSE's $50 million line before November 3 results" description: "The French chipmaker raised $384 million to buy bitcoin, unwound the position by September, and now answers to the NYSE's market-cap rule before it answers to investors. Third-quarter results land on November 3." publisher: "The Inference" section: "Chips" published: 2026-11-01T14:14:00.899Z modified: 2026-11-01T14:14:00.899Z canonical: https://theinference.org/article/sequans-market-cap-is-12-5-million-below-the-nyse-s-50-million-line-before-november-3-results language: en keywords: "Sequans, NYSE, Bitcoin, Delisting, Semiconductors" --- # Sequans' market cap is $12.5 million below the NYSE's $50 million line before November 3 results > The French chipmaker raised $384 million to buy bitcoin, unwound the position by September, and now answers to the NYSE's market-cap rule before it answers to investors. Third-quarter results land on November 3. [Sequans Communications](https://theinference.org/markets/companies/sequans-communications), the Paris-based chipmaker whose radios link payment terminals, smart meters and other connected devices to mobile networks, [reports third-quarter results before the market opens on Tuesday](https://www.stocktitan.net/news/SQNS/sequans-announces-conference-call-to-review-third-quarter-2026-719zlln53prx.html) [1]. The figure that matters first is not revenue. It is market value. In September the New York Stock Exchange [notified the company that its average market capitalization had run below the exchange's $50 million line over thirty trading days](https://finance.yahoo.com/markets/stocks/articles/sequans-receives-notice-non-compliance-204500907.html), with stockholders' equity under the same bar [2]. [Friday's close valued the whole company at $37.5 million](https://finance.sina.com.cn/stock/usstock/notice/2026-10-31/doc-inixakvf4134166.shtml), $12.5 million short of the line [3]. Missing the cure takes the ADS off the exchange, and Friday's tape, where only $68,500 changed hands, has no cushion for that [3]. ## The unwind is done; the cure period is not The company walked into this through the balance sheet. In June 2025 it raised $384 million in equity and convertible debentures to buy bitcoin, with chief executive Georges Karam calling the coin "[a premier asset and a compelling long-term investment](https://coinmarketcap.com/academy/article/sequans-exits-bitcoin-treasury-strategy)" [4]. Bitcoin then fell more than 30% [4]. By May 2026 the strategy was over: 658 coins left, worth about $48 million, and the convertible debt redeemed from earlier sales [4]. The shares jumped 14.5% that morning as the market welcomed the exit [4]. [The remaining 314 coins were sold by September 24](https://theinference.org/article/the-wires-split-over-sequans-last-bitcoin-sale-the-sec-filing-says-314), [leaving no debt outside government-financed research projects](https://www.theglobeandmail.com/investing/markets/stocks/SQNS/pressreleases/4772803/sequans-completes-bitcoin-treasury-exit-and-emerges-with-a-solid-financial-foundation/) [5]. ## The chips claim momentum, the filings claim losses *Chart: **Revenue more than halved from late 2024 to late 2025 and has only partly recovered** Column chart of Sequans total quarterly revenue from Q3 2024 to Q2 2026, in millions of US dollars: 10.1, 11.1, 8.1, 8.1, 4.3, 5.8, 6.1, 7.5, with the most recent quarter highlighted.* *Total quarterly revenue in millions of US dollars, from Sequans' SEC filings, Q3 2024 to Q2 2026; the most recent quarter is highlighted. Source: Sequans Communications quarterly figures from its SEC filings [6]. [6]* What is left is a real business under heavy overhead. The last reported quarter brought revenue of $7.5 million, down 8% year over year [3]. The net loss was $9.8 million, wider than a year before [3]. Management counters that product revenue grew more than 80% year over year in the second quarter and that the six-month product backlog tripled [5]. Tuesday's call settles which of those the market can price, and with a tape that thin there is little liquidity to arbitrage the dispute. Under NYSE rules the company has 90 days to submit a compliance plan and a nine-month cure period to get back above the line [2]. ## Forty European companies are still on the same trade Sequans ran a trade other companies are still running. Forty European listed companies still hold bitcoin on their balance sheets [4], and a falling price puts them through the same sequence: coin sold to service the debt, then listing pressure as the market value of the shares shrinks underneath. The ledger of the trade is short: $384 million raised in June 2025 turned into about $48 million of bitcoin by May 2026 [4], with the shares down more than 75% over the same span [4]. The chips underneath, the radios in payment terminals and smart meters, are the part worth keeping [1]. What Tuesday's report must show is a compliance plan and cash covering the roughly $9.8 million quarterly burn through the cure period [2][3]. Absent both, the decision on the ADS before Tuesday is to sell or hedge. ## Takeaway Sequans reports Q3 on November 3 with its ADS $12.5 million under the NYSE's $50 million market-cap line: the report needs a compliance plan and cash covering the roughly $9.8 million quarterly burn, or the listing is in doubt. ## Sources 1. [StockTitan, Sequans Announces Conference Call to Review Third Quarter 2026 Results, 20 October 2026](https://www.stocktitan.net/news/SQNS/sequans-announces-conference-call-to-review-third-quarter-2026-719zlln53prx.html) 2. [Newsfile via Yahoo Finance, Sequans Receives Notice of Non-Compliance with NYSE Market Capitalization Listing Rules, 23 September 2026](https://finance.yahoo.com/markets/stocks/articles/sequans-receives-notice-non-compliance-204500907.html) 3. [Sina Finance, Sequans Communications收跌1.57%，成交额6.85万美元, 31 October 2026](https://finance.sina.com.cn/stock/usstock/notice/2026-10-31/doc-inixakvf4134166.shtml) 4. [CoinMarketCap Academy, Sequans Exits Bitcoin Treasury After Bitcoin Falls 30%, 19 October 2026 (on the 28 May 2026 announcement)](https://coinmarketcap.com/academy/article/sequans-exits-bitcoin-treasury-strategy) 5. [Newsfile via The Globe and Mail, Sequans Completes Bitcoin Treasury Exit and Emerges with a Solid Financial Foundation, 24 September 2026](https://www.theglobeandmail.com/investing/markets/stocks/SQNS/pressreleases/4772803/sequans-completes-bitcoin-treasury-exit-and-emerges-with-a-solid-financial-foundation/) 6. [Sequans Communications, quarterly revenue from its SEC filings, retrieved 1 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001383395) --- Sequans' market cap is $12.5 million below the NYSE's $50 million line before November 3 results — The Inference. Canonical: https://theinference.org/article/sequans-market-cap-is-12-5-million-below-the-nyse-s-50-million-line-before-november-3-results