CEO Statement re COVID-19 Response

  • 1
  • April 8, 2020

Updated June 17, 2020

We at Sequans are working in concert with our customers, partners, and colleagues to do everything necessary to minimize the reach of the COVID-19 pandemic and its consequences. At the same time, we recognize the role we and our industry play in providing the wireless connectivity that is essential for remote working.

Safety for Our Employees as Our Offices Reopen

We have put in place extensive measures to protect our employees and their families as our offices reopen. We are following all directives of the governments and public health officials of the 10 countries in which we do business. As of May 11, our Paris headquarters has reopened with workers rotating between home and office on a managed schedule and, following local directives from officials in other cities where we do business, other offices have reopened with many working at full capacity. We were already quite familiar with remote working prior to the pandemic, and our experience over the last three months has shown minimal impact on our ability to quickly respond to customer needs and requirements.

Management of Resources

After experiencing some disruption in the first few weeks of the crisis, our management systems are operating smoothly, and production capacity is at near normal. We are closely monitoring developments in each country where we operate and are adapting to new directives imposed by authorities in response to the evolving situation. Sequans is ISO-9001-2015 certified and has the processes in place to manage resources and mitigate risks in a crisis situation.

Business Returning to Normal

Our modules are produced in the Shanghai region of China where business has returned to normal. Our chips are produced in other countries in the region where production has not been affected to date. We continue to experience some challenges related to the sourcing of third-party components that have delayed order shipments, but we continue to work to resolve these issues. Ordering lead-times may still be somewhat extended in some cases, and we therefore encourage our customers to place orders with sufficient lead time. If you have any questions about lead times, please contact your Sequans’ sales representative who will work with you to ensure your full satisfaction.

We are acutely aware of the role wireless communications technology and broadband access can play in fighting the pandemic by enabling all of us to work, produce, and innovate without interruption and from any place on earth, and we are resolved to continue our efforts to develop and deliver the advanced wireless technology that we all depend upon.

Georges Karam

Forward Looking Statements

This statement contains forward-looking statements regarding future events and our ability to respond to the COVID-19 pandemic. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our ability to continue to operate remotely at high levels of productivity and the potential impact of the coronavirus on our manufacturing operations and on customer demand, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the forward-looking statements. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein are detailed in documents we file from time to time with the Securities and Exchange Commission.

© 2018 SEQUANS.