Shareholders to Receive U.S. $0.7575 per Ordinary Share and U.S. $3.03 per ADS in cash

Tokyo, Japan and Paris, France - Newsfile Corp. - November 6, 2023 - Renesas Electronics Corporation (TSE: 6723) ("Renesas") and Sequans Communications S.A. (NYSE: SQNS) ("Sequans") today announced that (i) Renesas has extended the expiration date of its tender offer to acquire all of the outstanding ordinary shares of Sequans for $0.7575 per ordinary share and American Depositary Shares ("ADSs") of Sequans for $3.03 per ADS (each ADS representing four ordinary shares) in cash, without interest and less any applicable withholding taxes and (ii) the Secretary of State in the Cabinet Office of the United Kingdom has determined not to take any further action in relation to the previously announced proposed acquisition of Sequans by Renesas under the National Security and Investment Act 2021 ("NSIA"). 

The tender offer, which was previously scheduled to expire at one minute after 11:59 P.M., New York City time, on November 6, 2023, has been extended until one minute after 11:59 P.M., New York City time, on November 21, 2023, unless the tender offer is further extended or earlier terminated. The tender offer was extended to allow additional time for the satisfaction of the remaining closing conditions of the tender offer, including, but not limited to, regulatory approvals (other than the NSIA approval and the previously announced CFIUS approval) and the valid tender of ordinary shares and ADSs of Sequans representing - together with ordinary shares and ADSs of Sequans beneficially owned by Renesas, if any - at least 90% of the fully diluted ordinary shares of Sequans.

The Bank of New York Mellon, the Tender Agent for the tender offer, has advised Renesas that as of 6 p.m., New York City time, on November 3, 2023, approximately 98,807,609 ordinary shares of Sequans (including ordinary shares represented by ADSs), representing approximately 35.2% of the fully diluted ordinary shares of Sequans, have been validly tendered and not properly withdrawn pursuant to the tender offer. Holders that have previously tendered their shares do not need to re-tender their shares or take any other action in response to this extension.

The tender offer is being made pursuant to the Offer to Purchase, dated September 11, 2023 (as it may be amended or supplemented from time to time, the "Offer to Purchase"), the related Ordinary Share Acceptance Form, ADS Letter of Transmittal and certain other offer documents (together with any amendments or supplements thereto), copies of which are attached to the combined Tender Offer Statement and Rule 13e-3 Transaction Statement filed under cover of Schedule TO filed by Renesas and Renesas Electronics Europe GmbH with the U.S. Securities and Exchange Commission (the "SEC") on September 11, 2023, as amended.

About Renesas Electronics Corporation

Renesas Electronics Corporation (TSE: 6723) empowers a safer, smarter and more sustainable future where technology helps make our lives easier. The leading global provider of microcontrollers, Renesas combines our expertise in embedded processing, analog, power and connectivity to deliver complete semiconductor solutions. These Winning Combinations accelerate time to market for automotive, industrial, infrastructure and IoT applications, enabling billions of connected, intelligent devices that enhance the way people work and live. Learn more at renesas.com. Follow us on LinkedIn, Facebook, Twitter, YouTube and Instagram.