Sequans Issues $5M Promissory Note to Qualcomm

Sequans Communications S A (SQNS) has released an update.

Sequans Communications S.A., a Paris-based semiconductor company, has issued a short-term Promissory Note for up to $5 million to Qualcomm Technologies, Inc., with an initial tranche of $3 million. This high-interest note, at 9% per annum, is intended to fund the company’s general operations until the completion of a previously agreed asset purchase deal with Qualcomm. The full amount, including interest, is due upon the earlier occurrence of the deal’s closure or ninety days after any potential deal termination.

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