ConvertibleExpiredBTC
0% Convertible Notes due 2028
SQNS-Jul28
$4.45▲ 0.23%
BTC Holdings
658 BTC
Total Debt
$0.00
Leverage
0.0%
mNAV
1.38x
Outstanding
$0.00
Issue date
2025-07-07
Principal
$189.00M
Coupon
0.00%
Maturity
2028-07-07
Conversion price
$21
ITM Status
OTM (-78.8%)
- 50% of principal redeemed Nov 2025 via sale of 970 BTC
- Second amendment (Feb 2026): remaining $94.5M to be redeemed at par by Jun 1, 2026 via sale of up to 1,617 pledged BTC
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Secured
- Settlement
- Shares
- Payment frequency
- Quarterly
- Payment dates
- Mar 1, Jun 1, Sep 1, Dec 1
- Rate type
- Step-up
- Rate reference
- 0% Year 1 (4% OID); 6.0% Year 2; 8.0% Year 3 to maturity
- Forced conversion
- On or after 12 months from issuance, if ADS price >= 130% of conversion price for 20 of 30 trading days (with equity conditions met); company may redeem at par plus accrued interest plus 3-5% payment premium
- Call provision
- On or after 16 months from issuance, if ADS price <= 40% of conversion price for 10 consecutive trading days; company may redeem at 108% of principal plus payment premium
- Put provision
- Upon Fundamental Change, holders may require repurchase at par plus accrued interest plus payment premium
- Use of proceeds
- BTC acquisition and general corporate purposes associated with purchasing Bitcoin
Participants
Holders & Underwriters(3)
- $38.4M Strategic Investme…Northland Capital Marketsunderwriteras of 2025-07-07Joint lead placement agent
- $38.4M Strategic Investme…B. Riley Securities, Inc.underwriteras of 2025-07-07Joint lead placement agent
- $38.4M Strategic Investme…Yorkville Securities, Inc.underwriteras of 2025-07-07Placement agent
Outstanding History
Outstanding history(7)
| As of | Event | Outstanding |
|---|---|---|
| 2026-05-28 | Redemption | $0.00 |
| 2026-04-30 | Redemption | $35.90M Remaining debt scheduled to be redeemed by June 1, 2026 |
| 2026-04-23 | Redemption | $43.70M $50.8M redeemed from Feb 10 to Apr 23, 2026, funded by selling 700 BTC |
| 2026-03-31 | Redemption | $66.20M |
| 2025-12-31 | — | $94.50M Face value outstanding; balance sheet carrying value $57M after bifurcation of embedded derivative |
| 2025-11-04 | Redemption | $94.50M Redeemed 50% using sale of 970 BTC |
| 2025-07-07 | — | $189.00M |
- 2026-05-28 — $0Exhibit 99.1
- 2026-04-30 — $35,900,000Exhibit 99.1 — Digital assets
- 2026-04-23 — $43,700,000Note 26 — Events after the reporting date
- 2026-03-31 — $66,200,000Exhibit 99.1 — Digital assets
- 2025-12-31 — $94,500,000Balance Sheet
- 2025-11-04 — $94,500,000Press release
- 2025-07-07 — $189,000,000