Avadel pharmaceuticals announces pricing of public offering of adss and series b preferred shares

Dublin, ireland, march 29, 2023 (globe newswire) -- avadel pharmaceuticals plc (“avadel”) (nasdaq: avdl), a biopharmaceutical company focused on transforming medicines to transform lives, announced today the pricing of an underwritten public offering of 10,000,001 of its ordinary shares, nominal value $0.01 per share (“ordinary shares”) in the form of american depositary shares (“adss”) and of 4,705,882 series b non-voting convertible preferred shares, convertible into ordinary shares on a one-for-one basis (the “preferred shares,” together with the adss, the “shares”). each ads represents the right to receive one ordinary share. all of the shares are being offered by avadel. the public offering price of each ads is $8.50 and the public offering price of each preferred share is $8.50. in connection with the public offering, avadel has granted the underwriters a 30-day option to purchase up to an additional 2,205,882 adss at the public offering price, less the underwriting discounts and commissions. the gross proceeds to avadel from the offering are expected to be approximately $125 million, before deducting underwriting discounts and commissions and estimated offering expenses.
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