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A tiny semiconductor company is surging after raising 7x its market value to buy bitcoin
On June 23, Sequans Communications, a developer and provider of 5G/4G Internet of Things semiconductors and modules, was a less than $50 million market cap company announcing plans to raise $384 million to launch a bitcoinBTC $108,888.06 (0.91%) treasury initiative. Today, it’s worth over $300 million, with shares up 30% on the session as the funds for its “bitcoin pivot” were successfully procured. The Paris-based company said that all the proceeds will be used to acquire bitcoin. The $384 million raise includes a $195 million private investment in public equity and $189 million in convertible debentures, with ... (full story)
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