13D Filing: Nokomis Capital and Sequans Communications SA ADR (SQNS)

Page 5 of 6 – SEC Filing


Item 5. Interest in Securities of the Issuer

Item 5 of this Schedule 13D is hereby amended and restated
in its entirety as follows:

(a) The aggregate percentage of Common Stock reported to be beneficially owned by the Reporting Persons is based upon the sum
of (i) 94,217,318 shares of Common Stock outstanding, which equals the total number of shares of Common Stock outstanding following the underwritten public offering that closed on January 19, 2018, as reported in the Issuers Prospectus
Supplement filed with the SEC on January 17, 2018, plus the 1,875,000 shares of Common Stock that would be issued as a result of the underwriters exercise of their over-allotment option and (ii) 1,981,000, the approximate number of shares
of Common Stock receivable by the Reporting Persons upon conversion of the amount of the Convertible Notes presently convertible by the Reporting Persons.

Nokomis Capital, as the investment adviser of the Nokomis Accounts, may be deemed to beneficially own the 9,609,513 shares of Common Stock held by the Nokomis
Accounts or which the Nokomis Accounts have a right to acquire, representing approximately 9.9% of the issued and outstanding shares of Common Stock of the Issuer. This amount consists of (i) 7,628,513 shares of Common Stock and (ii) 1,981,000
shares of Common Stock receivable by the Reporting Persons upon conversion of the amount of the Convertible Notes presently convertible by the Reporting Persons.

In addition, Mr. Hendrickson, as principal of Nokomis Capital, the investment adviser of the Nokomis Accounts, may also be deemed to beneficially own the
9,609,513 shares of Common Stock held by the Nokomis Accounts or which the Nokomis Accounts have a right to acquire, representing approximately 9.9% of the issued and outstanding shares of Common Stock of the Issuer.

(b) Nokomis Capital and Mr. Hendrickson each has the shared power to vote and dispose of the Common Stock held by the Nokomis Accounts or which the
Nokomis Accounts have a right to acquire reported in this Schedule 13D, as amended.

The filing of this Schedule 13D, as amended, shall not be construed
as an admission that Nokomis Capital or Mr. Hendrickson is, for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, or otherwise, the beneficial owner of any of the 9,609,513 shares of Common Stock
held by the Nokomis Accounts or which the Nokomis Accounts have a right to acquire. Pursuant to Rule 13d-4, Nokomis Capital and Mr. Hendrickson disclaim all such beneficial ownership.

(c) The disclosure in Item 4 is incorporated herein by reference. Other than as disclosed in this Schedule 13D, as amended, there have been no transactions in
the Common Stock during the past sixty (60) days by the Reporting Persons.

(d) No person other than the Reporting Persons is known to have the right
to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Common Stock.

(e) Not applicable.

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