AVDL - Avadel Pharmaceuticals prices ADSs and Series B preferred shares offering
2023-03-30 05:16:26 ET
- Avadel Pharmaceuticals ( NASDAQ: AVDL ) priced its underwritten public offering of 10M shares, nominal value $0.01/share in the form of ADS and 4.7M Series B Non-Voting Convertible Preferred Shares, convertible into ordinary shares on a one-for-one basis.
- Each ADS represents the right to receive one ordinary share; public offering price of each ADS is $8.50 and the public offering price of each Preferred Share is $8.50.
- The company granted the underwriters a 30-day option to purchase up to an additional 2.2M ADSs.
- Gross proceeds are expected to be ~$125M.
- Offer is expected to close on Apr.3, 2023.
- Shares trading 4.4% down premarket.
For further details see:
Avadel Pharmaceuticals prices ADSs and Series B preferred shares offering