Paris-based IoT chipmaker Sequans Communications has secured $50M (approx €42M) in capital from investment management firm Lynrock Lake, an existing shareholder of the company.
The financing consists of $10M (approx €8.4M) of American Depositary Shares (priced at $5.50 per ADS) and $40M (approx €34M) principal amount of convertible debt (convertible into ADS at a conversion price of $7.66).