Sec Form 13G Filing - Divisar Capital Management LLC @ Sequans Communications S.A.

Insider filing report for Changes in Beneficial Ownership

Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 9)*

SEQUANS COMMUNICATIONS

(Name of Issuer)

American Depository Shares, each representing ten (10) Ordinary Shares, nominal value Euro 0.01

(Title of Class of Securities)

817323306

(CUSIP Number)

12/31/2024

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No.

817323306

Names of Reporting Persons

Divisar Capital Management LLC

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,107,270.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,107,270.00

Aggregate Amount Beneficially Owned by Each Reporting Person

1,107,270.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

4.4 %

Type of Reporting Person (See Instructions)

IA, HC, OO

SCHEDULE 13G

CUSIP No.

817323306

Names of Reporting Persons

Divisar Partners QP, L.P.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,034,725.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,034,725.00
9	Aggregate Amount Beneficially Owned by Each Reporting Person 1,034,725.00
10	Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11	Percent of class represented by amount in row (9) 4.1 %
12	Type of Reporting Person (See Instructions) PN

Comment for Type of Reporting Person: Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, Divisar Partners QP, L.P. expressly disclaims beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that Divisar Partners QP, L.P. is the beneficial owner of any of the securities reported herein.

SCHEDULE 13G

CUSIP No.

817323306

Names of Reporting Persons

Steven Baughman

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,107,270.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,107,270.00

Aggregate Amount Beneficially Owned by Each Reporting Person

1,107,270.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

4.4 %

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

SEQUANS COMMUNICATIONS

(b)

Address of issuer's principal executive offices:

15-55 BLVD CHARLES DE GAULLE, COLOMBES, FRANCE, 92700.

Item 2.

(a)

Name of person filing:

This statement is filed by the entities and persons listed below, who are collectively referred herein as "Reporting Persons", with respect to the shares of Common Stock (as defined in Item 2(d) below) of the Company:(i) Divisar Capital Management, LLC(ii) Divisar Partners QP, L.P.(iii) Steven Baughman

(b)

Address or principal business office or, if none, residence:

(i) Divisar Capital Management, LLC275 Sacramento Street, 8th FloorSan Francisco, CA 94111(ii) Divisar Partners QP, L.P.275 Sacramento Street, 8th FloorSan Francisco, CA 94111(iii) Mr. Steven Baughmanc/o Divisar Capital Management, LLC275 Sacramento Street, 8th FloorSan Francisco, CA 94111

(c)

Citizenship:

(i) Divisar Capital Management, LLC - DE(ii) Divisar Partners QP, L.P. - DE(iii) Mr. Steven Baughman - USA

(d)

Title of class of securities:

American Depository Shares, each representing ten (10) Ordinary Shares, nominal value Euro 0.01

(e)

CUSIP No.:

817323306

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:

(k)

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

Item 4.

Ownership

(a)

Amount beneficially owned:

Divisar Capital Management, LLC is an investment adviser that is registered under the Investment Advisers Act of 1940. Divisar Capital Management, LLC, which serves as the general partner and investment manager to each of Divisar Partners QP, L.P. and Divisar Partners, L.P., (collectively the "Funds"), may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Mr. Steven Baughman, as CEO of Divisar Capital Management, LLC, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, each of the Funds expressly disclaims beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that either of the Funds are the beneficial owner of any of the securities reported herein.Divisar Capital Management, LLCAmount beneficially owned: 1,107,270Divisar Partners QP, L.PAmount beneficially owned: 1,034,725Steven BaughmanAmount beneficially owned: 1,107,270

(b)

Percent of class:

Based on 249,928,692 Ordinary Shares (equivalent to 24,992,869 American Depository Shares ("ADS")) as of September 27, 2024, as reported by the Issuer in the 6-K filed with the Securities and Exchange Commission ("SEC") on November 5, 2024. Each ADS represents ten Ordinary Shares.Divisar Capital Management, LLCPercent of Class: 4.4%Divisar Partners QP, L.PPercent of Class: 4.1%Steven BaughmanPercent of Class: 4.4% %

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

Divisar Capital Management, LLCSole power to vote or to direct the vote: 0Divisar Partners QP, L.PSole power to vote or to direct the vote: 0Steven BaughmanSole power to vote or to direct the vote: 0

(ii) Shared power to vote or to direct the vote:

Divisar Capital Management, LLCShared power to vote or to direct the vote: 1,107,270Divisar Partners QP, L.PShared power to vote or to direct the vote: 1,034,725Steven BaughmanShared power to vote or to direct the vote: 1,107,270

(iii) Sole power to dispose or to direct the disposition of:

Divisar Capital Management, LLCSole power to dispose or to direct the disposition of: 0Divisar Partners QP, L.PSole power to dispose or to direct the disposition of: 0Steven BaughmanSole power to dispose or to direct the disposition of: 0

(iv) Shared power to dispose or to direct the disposition of:

Divisar Capital Management, LLCShared power to dispose or to direct the disposition of: 1,107,270Divisar Partners QP, L.PShared power to dispose or to direct the disposition of: 1,034,725Steven BaughmanShared power to dispose or to direct the disposition of: 1,107,270

Item 5.

Ownership of 5 Percent or Less of a Class.

Ownership of 5 percent or less of a class

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

Not Applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Divisar Capital Management LLC

Signature:	/s/ Steven Baughman
Name/Title:	CEO
Date:	02/14/2025

Divisar Partners QP, L.P.

Signature:	/s/ Steven Baughman
Name/Title:	CEO, Divisar Capital Management, LLC, its General Partner
Date:	02/14/2025

Steven Baughman

Signature:	/s/ Steven Baughman
Name/Title:	Steven Baughman
Date:	02/14/2025

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Sec Form 13G Filing - Divisar Capital Management LLC filing for Sequans Communications S.A. (SQNS) - 2025-02-14