As filed with the Securities and Exchange Commission on April 21, 2015
Registration
No. 333-
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION
STATEMENT
UNDER
THE SECURITIES ACT OF 1933
SEQUANS
COMMUNICATIONS S.A.
(Exact name of Registrant as specified in its charter)
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French Republic |
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Not Applicable |
(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer
Identification No.) |
Sequans Communications S.A.
15-55 boulevard Charles de Gaulle
92700 Colombes, France
Telephone: +33 1 70 72 16 00
(Address of Principal Executive Offices)
Stock Option
Subscription Plan 2014-1
BSA Subscription Plan 2014-1
BSA (Warrants) Issuance Agreement, Dated June 26, 2014
(Full title of the plan(s))
GKL
Corporate/Search, Inc.
One Capitol Mall, Suite 660
Sacramento, California 95814
Telephone: +1 916 442 7652
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copy to:
John
V. Bautista, Esq.
Brett Cooper, Esq.
Orrick, Herrington & Sutcliffe LLP
1000 Marsh Road
Menlo
Park, California 94025
Telephone: +1 650 614 7400
Facsimile: +1 650 614 7401
Indicate by
check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and
smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer |
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¨ |
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Accelerated filer |
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þ |
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Non-accelerated filer |
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¨ (Do not check if a smaller reporting company) |
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Smaller reporting company |
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¨ |
CALCULATION OF REGISTRATION FEE
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Title of each class of
securities to be registered (1) |
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Amount
to be registered
(2) |
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Proposed
maximum offering
price per share |
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Proposed
maximum aggregate
offering price |
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Amount of registration fee |
Ordinary Shares, nominal value 0.02 per share |
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85,000 |
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$1.77 (3) |
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$150,450 (3) |
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$17.48 |
Ordinary Shares, nominal value 0.02 per share |
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1,211,100 |
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$1.40 (4) |
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$1,695,540 (4) |
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$197.02 |
Ordinary Shares, nominal value 0.02 per share |
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138,900 |
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$1.64 (5) |
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$227,796 (5) |
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$26.47 |
Options and Warrants to Purchase Ordinary Shares |
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1,435,000 |
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N/A |
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N/A |
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N/A |
Aggregate Registration Fee |
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$240.97 |
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(1) |
These shares may be represented by the Registrants American Depositary Shares, or ADS. Each ADS represents one ordinary share. ADSs issuable upon deposit of the ordinary shares registered hereby were registered
pursuant to a separate Registration Statement on Form F-6 (File No. 333-173002). |
(2) |
Pursuant to Rule 416 under the Securities Act of 1933, as amended, this Registration Statement shall also cover any Ordinary Shares which become issuable under the Registrants Stock Option Subscription Plan, BSA
Subscription Plan or BSA (Warrants) Issuance Agreement by reason of any share dividend, share split, recapitalization or any other similar transaction effected without the Registrants receipt of consideration which results in an increase in
the number of the Registrants outstanding Ordinary Shares. |
(3) |
Estimated in accordance with Rule 457(h) under the Securities Act of 1933, as amended, solely for the purpose of calculating the registration fee. The price of $1.77 per share represents the exercise price for
outstanding warrants issued under the Registrants BSA (Warrants) Issuance Agreement. |
(4) |
Estimated in accordance with Rule 457(h) under the Securities Act of 1933, as amended, solely for the purpose of calculating the registration fee. The price of $1.40 per share represents the weighted average exercise
price for outstanding options and warrants issued under the Registrants Stock Option Subscription Plan and BSA Subscription Plan. |
(5) |
Estimated in accordance with Rule 457(c) and (h) under the Securities Act of 1933, as amended, solely for the purpose of calculating the registration fee on the basis of $1.64 per share, which represents the
average of the high and low prices of the Registrants ADSs reported on the New York Stock Exchange for April 14, 2015. |
PART I
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
The information called for in Part I of Form S-8 is not being filed with or included with this Registration Statement on Form S-8 (the
Registration Statement), by incorporation by reference or otherwise, in accordance with the rules and regulations of the Securities and Exchange Commission (the Commission) and the instructions to Form S-8.
PART II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item 3. |
Incorporation of Documents by Reference. |
Sequans Communications S.A. (the
Registrant) hereby incorporates into this Registration Statement the following documents, which have been previously filed by the Registrant with the Commission:
(a) The Registrants Annual Report on Form 20-F for the fiscal year ended December 31, 2014 (File No. 001-35135), filed with
the Commission on April 21, 2015, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act);
(b) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the
Registrants Form 20-F referred to in (a) above; and
(c) The description of the Registrants Ordinary Shares and American
Depositary Shares contained in its Registration Statement on Form 8-A (File No. 001-35135), filed with the Commission on April 12, 2011 pursuant to Section 12 of the Exchange Act, including any amendment or report filed for the
purpose of updating such description.
All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d)
of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in
this registration statement and to be part hereof from the date of filing such documents. For purposes of this Registration Statement, any statement contained in a document incorporated or deemed to be incorporated herein by reference shall be
deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated herein by reference
modifies or supersedes such statement.
Item 4. |
Description of Securities. |
Not applicable.
Item 5. |
Interests of Names Experts and Counsel. |
Not applicable.
Item 6. |
Indemnification of Directors and Officers. |
The Registrant maintains liability insurance
for its directors and officers, including coverage against liabilities under the Securities Act.
1
Item 7. |
Exemption from Registration Claimed. |
Not Applicable.
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Exhibit
Number |
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Description of Exhibit |
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4.1 |
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By-laws of Sequans Communications S.A. (incorporated by reference to Exhibit 1.1 to Sequans Communications S.A.s Annual Report on Form 20-F for the fiscal year ended December 31, 2014, filed with the SEC on April 21,
2015) |
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5.1* |
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Opinion of Orrick, Herrington & Sutcliffe (Europe) LLP |
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23.1* |
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Consent of Orrick, Herrington & Sutcliffe (Europe) LLP (included in Exhibit 5.1) |
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23.2* |
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Consent of Ernst & Young Audit, independent registered public accounting firm |
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24.1 |
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Power of Attorney (included on the signature page of this Registration Statement) |
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99.1 |
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Stock Option Subscription Plan 2014-1 (incorporated by reference to Exhibit 4.1(d) to Sequans Communications S.A.s Annual Report on Form 20-F for the fiscal year ended December 31, 2014, filed with the SEC on April 21,
2015) |
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99.2 |
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BSA Subscription Plan 2014-1 (incorporated by reference to Exhibit 4.2(d) to Sequans Communications S.A.s Annual Report on Form 20-F for the fiscal year ended December 31, 2014, filed with the SEC on April 21, 2015) |
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99.3 |
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BSA (Warrants) Issuance Agreement, dated June 26, 2014 (incorporated by reference to Exhibit 4.12 to Sequans Communications S.A.s Annual Report on Form 20-F for the fiscal year ended December 31, 2014, filed with the SEC on
April 21, 2015) |
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to the registration
statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or
the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed
with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the Calculation of Registration Fee
table in the effective registration statement;
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement
is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of
the Exchange Act that are incorporated by reference in the registration statement.
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(2) That, for the purpose of determining any liability under the Securities
Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining
any liability under the Securities Act, each filing of the Registrants annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plans annual report
pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or
paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Paris, France, on April 21, 2015.
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SEQUANS COMMUNICATIONS S.A. |
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By: |
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/s/ Georges Karam |
Name: |
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Dr. Georges Karam |
Title: |
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Chairman and Chief Executive Officer |
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Dr. Georges Karam and Deborah
Choate, and each of them acting individually, as his true and lawful attorneys-in-fact and agents, each with full power of substitution, for him in any and all capacities, to sign any and all amendments to this Registration Statement on
Form S-8, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, with full power of each to act alone, full power
and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or his or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
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Name |
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Title |
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Date |
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/s/ Dr. Georges Karam
Dr. Georges Karam |
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Chairman and Chief Executive Officer (Principal
Executive Officer) |
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April 21, 2015 |
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/s/ Deborah Choate
Deborah Choate |
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Chief Financial Officer (Principal Financial
and Accounting Officer) |
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April 21, 2015 |
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Gilles Delfassy |
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Director |
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/s/ Yves Maitre
Yves Maitre |
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Director |
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April 21, 2015 |
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/s/ James Patterson
James Patterson |
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Director |
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April 21, 2015 |
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/s/ Hubert de Pesquidoux
Hubert de Pesquidoux |
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Director |
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April 21, 2015 |
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Name |
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Title |
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Date |
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Director |
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Dominique Pitteloud |
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/s/ Alok Sharma |
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Director |
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April 21, 2015 |
Alok Sharma |
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Director |
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Zvi Slonimsky |
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SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT
Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United Stated of Sequans
Communications, S.A. has signed this Registration Statement or amendment thereto in the City of San Diego, State of California, on April 21, 2015.
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By: |
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/s/ T. Craig Miller |
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Name: T. Craig Miller |
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Title: U.S. Representative |
5
INDEX TO EXHIBITS
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Exhibit
Number |
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Description of Exhibit |
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4.1 |
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By-laws of Sequans Communications S.A. (incorporated by reference to Exhibit 1.1 to Sequans Communications S.A.s Annual Report on Form 20-F for the fiscal year ended December 31, 2014, filed with the SEC on April 21,
2015) |
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5.1* |
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Opinion of Orrick, Herrington & Sutcliffe (Europe) LLP |
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23.1* |
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Consent of Orrick, Herrington & Sutcliffe (Europe) LLP (included in Exhibit 5.1) |
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23.2* |
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Consent of Ernst & Young Audit, independent registered public accounting firm |
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24.1 |
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Power of Attorney (included on the signature page of this Registration Statement) |
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99.1 |
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Stock Option Subscription Plan 2014-1 (incorporated by reference to Exhibit 4.1(d) to Sequans Communications S.A.s Annual Report on Form 20-F for the fiscal year ended December 31, 2014, filed with the SEC on April 21,
2015) |
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99.2 |
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BSA Subscription Plan 2014-1 (incorporated by reference to Exhibit 4.2(d) to Sequans Communications S.A.s Annual Report on Form 20-F for the fiscal year ended December 31, 2014, filed with the SEC on April 21, 2015) |
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99.3 |
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BSA (Warrants) Issuance Agreement, dated June 26, 2014 (incorporated by reference to Exhibit 4.12 to Sequans Communications S.A.s Annual Report on Form 20-F for the fiscal year ended December 31, 2014, filed with the SEC on
April 21, 2015) |
EXHIBIT 5.1
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ORRICK, HERRINGTON & SUTCLIFFE
(EUROPE) LLP 31, AVENUE PIERRE 1ER DE SERBIE
75782 PARIS CEDEX 16 FRANCE
tél +33 (0) 1 53 53 75 00
fax +33 (0) 1 53 53 75 01
WWW.ORRICK.COM |
April 21, 2015
Sequans
Communications S.A.
15-55 boulevard Charles de Gaulle
92700
Colombes, France
Re: |
Registration Statement on Form S-8 |
Ladies and Gentlemen:
At your request, we are rendering this opinion in connection with the proposed issuance of up to 1,435,000 ordinary shares (the
Shares) of Sequans Communications S.A., a société anonyme incorporated in the French Republic (the Company), pursuant to the Companys Stock Option Subscription Plan 2014-1, BSA
Subscription Plan 2014-1 and BSA (Warrants) Issuance Agreement, as approved by the general meeting of shareholders of the Company on June 26, 2014 and by the board of directors of the Company on June 27, 2014 (collectively, the
Plans), and pursuant to a Registration Statement on Form S-8 (the Registration Statement).
We have
examined instruments, documents, and records which we deemed relevant and necessary for the basis of our opinion hereinafter expressed and have relied on a certificate of an officer of the Company as to factual statements contained in such
instruments, documents and records. In such examination, we have assumed the following: (a) the authenticity of original documents and the genuineness of all signatures and (b) the conformity to the originals of all documents submitted to
us as copies.
Based on such examination, we are of the opinion that the Shares to be issued by the Company pursuant to the Plans are duly
authorized, and when issued and subscribed for as described in the Plans and Registration Statement, will be validly issued, fully paid up and nonassessable.
In rendering this opinion, we have assumed that (i) the Registration Statement becomes and remains effective during the period when the
Shares are offered, issued and subscribed for, (ii) the Shares to be subscribed for are issued in accordance with the terms of the Plans, (iii) the Company receives the full consideration for the Shares as stated in the Plans,
(iv) the per share consideration for each Share includes payment of cash or other lawful consideration at least equal to the par value of the Companys ordinary shares, and (v) all applicable securities laws are complied with.
The opinion expressed above is limited to the laws of the French Republic and we do not express any opinion as to the effect of any other
laws.
Membre du groupement transnational avec Orrick, Herrington & Sutcliffe, Solicitors of the Supreme Court of England and Wales depuis le 1er
janvier 2006. Membre dune association agréée, le règlement des honoraires par chèque est accepté.
BEIJING BERLIN DÜSSELDORF FRANKFURT HONG
KONG LONDON LOS ANGELES MILAN MOSCOW NEW YORK ORANGE
COUNTY PARIS PORTLAND ROME SACRAMENTO SAN FRANCISCO SEATTLE SHANGHAI
SILICON VALLEY TAIPEI TOKYO WASHINGTON DC
Sequans Communications S.A.
April 21, 2015
Page 2
We hereby consent to the filing of this opinion as an exhibit to the above-referenced Registration Statement and to the use of our name
wherever it appears in said Registration Statement, including any prospectus constituting a part thereof, as originally filed or as subsequently amended or supplemented. In giving this consent, we do not thereby admit that we are in the category of
persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations of the Commission promulgated thereunder, nor do we thereby admit that we are experts within the meaning of such term as used in
the Securities Act with respect to any part of the Registration Statement, including this opinion letter as an exhibit or otherwise.
Very truly yours,
/s/ Orrick, Herrington & Sutcliffe (Europe) LLP
ORRICK, HERRINGTON & SUTCLIFFE (EUROPE) LLP
EXHIBIT 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-00000) pertaining to the Stock Option
Subscription Plan 2014-1, BSA Subscription Plan 2014-1 and BSA (Warrants) Issuance Agreement, dated June 26, 2014, of Sequans Communications S.A. of our reports dated April 21, 2015, with respect to the consolidated financial statements of
Sequans Communications S.A. and the effectiveness of internal control over financial reporting of Sequans Communications S.A. included in its Annual Report (Form 20-F) for the year ended December 31, 2014 filed with the Securities and Exchange
Commission.
Ernst & Young Audit
/s/
Frédéric Martineau
Represented by Frédéric Martineau
Paris La Défense, France
April 21, 2015
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