Avadel enters $100M ATM equity facility with Jefferies; terminates prior ADS program

AVADEL PHARMACEUTICALS PLC

New Open Market Sale Agreement with Jefferies for up to $100M in ordinary shares at market.
Replaces previous ADS Sales Agreement terminated after mandatory exchange to ordinary shares on April 15, 2024.
Prior ADS program raised $13.5M gross ($13.1M net) from 1,112,717 ADSs.
Jefferies receives 3.0% commission on gross proceeds from sales under new agreement.
Company may suspend sales at any time; no obligation to sell.

item 1.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

AVADEL PHARMACEUTICALS PLC terminated ADS Sales Agreement with Jefferies LLC (effective 2024-05-08).

Action: termination
Agreement: atm program
Counterparty: Jefferies LLC
Effective: 2024-05-08

Exact text from the filing

The Company terminated the ADS Sales Agreement upon effectiveness of the Sales Agreement following the mandatory exchange of the ADSs and the direct listing of the Ordinary Shares on the Nasdaq Stock Market on April 15, 2024.

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

AVADEL PHARMACEUTICALS PLC entered into Open Market Sale Agreement SM with Jefferies LLC valued at up to $100,000,000 (effective 2024-05-08).

Action: entry
Agreement: atm program
Counterparty: Jefferies LLC
Value: up to $100,000,000
Effective: 2024-05-08

Exact text from the filing

On May 8, 2024, Avadel Pharmaceuticals plc (the “Company”) entered into an Open Market Sale Agreement SM (the “Sales Agreement”) with Jefferies LLC (“Jefferies”) pursuant to which the Company may offer and sell its ordinary shares, nominal value $0.01 per share (the “Ordinary Shares”), from time to time, through an “at the market offering” program under which Jefferies will act as sales agent.

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Source: SEC EDGAR

accession 0001104659-24-058680

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