Avadel Pharmaceuticals announces $117M public offering of ordinary shares and preferred shares

AVADEL PHARMACEUTICALS PLC

Offering of up to 12,205,883 ordinary shares (via ADSs) and 4,705,882 Series B non-voting convertible preferred shares.
Net proceeds expected ~$117M; ~$134.6M if underwriters exercise 30-day option for additional 2,205,882 ADSs.
Preferred shares convertible into ordinary shares, subject to 9.99% beneficial ownership cap; not listed on Nasdaq.
Closing expected on or about April 3, 2023, subject to customary conditions.
Underwriting agreement with Jefferies LLC as representative of underwriters.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

AVADEL PHARMACEUTICALS PLC: Board approved Certificate of Designation for Series B Non-Voting Convertible Preferred Shares, setting forth powers, preferences, rights, qualifications, limitations and restrictions (effective 2023-03-28).

Change: fiscal year change
Effective: 2023-03-28

Exact text from the filing

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. The Board of Directors approved the Certificate of Designation on March 28, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AVADEL PHARMACEUTICALS PLC entered into Underwriting Agreement with Jefferies LLC valued at approximately $117.0 million (effective 2023-03-29).

Action: entry
Agreement: underwriting
Counterparty: Jefferies LLC
Value: approximately $117.0 million
Effective: 2023-03-29

Exact text from the filing

On March 29, 2023, Avadel Pharmaceuticals plc (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Jefferies LLC, as representative of the several underwriters (the “Underwriters”), relating to the registered public offering (the “Offering”)

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Source: SEC EDGAR

accession 0001104659-23-039263

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