CEO Statement re COVID-19 Response

Updated January 15, 2021

As we begin a new year still dealing with the challenges of the COVID-19 pandemic, we at Sequans continue to be mobilized to mitigate its effects and are working in concert with our customers, partners, and colleagues to do everything necessary to minimize the reach of the pandemic and its consequences. At the same time, we recognize the role we and our industry play in providing essential wireless connectivity that plays a key role in enabling remote working.

Safety for Our Employees as Our Offices Reopen

We have put in place every possible measure 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. Effective October 30, 2020, our employees at the Paris headquarters and in our Sophia-Antipolis office are generally working remotely, but with occasional access to the office when needed to ensure effective ongoing coordination of the teams.  We are following local directives from officials in other cities where we do business with some offices reopened at full capacity and others working in a combination of remote and in-office. We were already quite familiar with remote working prior to the pandemic, and our experience of remote working since March 2020 has shown minimal impact on our ability to quickly respond to customer needs and requirements. In addition, our executive team is based in four different countries, which minimizes our risk at the management level.

Management of Resources

After experiencing some disruption in the first few weeks of the crisis in the first quarter, our management and logistical systems are now operating smoothly and production levels are at 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 and chips are produced in Asia where production either has not been affected to date or is back to normal. While we experienced some challenges at first related to the sourcing of third-party components, we have resolved these, and our supply chain is now operating normally. However, ordering lead-times have extended 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.