Weiss Asset Management LP 4

What Happened

• Weiss Asset Management LP (reported as a 10% owner) disposed of 11,112,052 Avadel Pharmaceuticals plc (AVDL) shares on 2026-02-13. The reported price was $21.00 per share, producing cash proceeds of $233,353,092. The disposition is reported under code "S" (sale), but the filing notes this was the cash portion of the consideration paid upon Avadel's acquisition by Alkermes plc.

Key Details

• Transaction date and price: 2026-02-13 at $21.00 per share.
• Total proceeds: $233,353,092.
• Shares owned after transaction: not specified in the filing; footnote indicates each outstanding share was converted into the right to receive $21.00 in cash (plus a contingent value right).
• Footnote F1: Cash portion of acquisition consideration — each share converted into $21.00 in cash plus a contingent $1.50 CVR if a milestone is met.
• Footnote F2: The shares reported are held by two private funds managed by Weiss Asset Management LP; related entities disclaim beneficial ownership except to the extent of pecuniary interest.
• Filing timeliness: Transaction occurred 2026-02-13; Form 4 filed 2026-02-18 (appears filed 5 days after the transaction), which is later than the typical 2-business-day reporting window.

Context

• This disposition reflects corporate acquisition consideration rather than a discretionary open‑market portfolio sale by an individual executive. As noted, holders received cash for their shares as part of Alkermes plc’s acquisition of Avadel; there is also a potential additional $1.50 per share contingent payment tied to a milestone. Institutional 10% ownership filings signal fund-level activity and should be interpreted differently than insider purchases by company officers.