Sequans Communications S.A. announced that it has issued 1 unsecured promissory note at an issue price of $5,000,000 per note for principal amount of $5,000,000 on April 22, 2024. The transaction included participation from new lender, 272 Capital Master Fund Ltd., a fund managed by 272 Capital LLC. The note bears paid-in kind interest at a rate of 12.0% per annum, compounded annually, with a guaranteed return of 40.0%.

The note matures on the earlier of April 22, 2025, or one day prior to the earliest extended maturity date of the company?s existing convertible debt held by Lynrock Lake and Nokomis and subordinated notes held by Renesas.