Weiss Asset reports 11.1M Avadel (NASDAQ: AVDL) shares on Form 3

Rhea-AI Filing Summary

Avadel Pharmaceuticals received a Form 3 indicating that Weiss Asset Management LP and Andrew Weiss are reporting as ten percent owners. The filing shows indirect beneficial ownership of 11,112,052 ordinary shares, held by two private investment funds managed by Weiss Asset Management. The reporting parties and related entities disclaim beneficial ownership except for their pecuniary interest.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Weiss Asset Management LP

(Last) (First) (Middle)

222 BERKELEY STREET, 16TH FLOOR

(Street)

BOSTON MA 02116

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
02/11/2026

3. Issuer Name and Ticker or Trading Symbol
AVADEL PHARMACEUTICALS PLC [ AVDL ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares	11,112,052(1)	I	See Footnote 1

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Weiss Asset Management LP

(Last) (First) (Middle)

222 BERKELEY STREET, 16TH FLOOR

(Street)

BOSTON MA 02116

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

WEISS ANDREW M

(Last) (First) (Middle)

222 BERKELEY STREET, 16TH FLOOR

(Street)

BOSTON MA 02116

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Shares reported herein represent shares beneficially owned by two private investment funds for which Weiss Asset Management LP serves as investment manager. WAM GP LLC is the general partner of Weiss Asset Management LP and Andrew Weiss is the Manager of WAM GP LLC. All of Weiss Asset Management LP, WAM GP LLC, and Andrew Weiss disclaim beneficial ownership of the shares reported herein except to the extent of their pecuniary interest therein.

	Mary Merrigan, Authorized Signatory, Weiss Asset Management LP and WAM GP LLC	02/18/2026
	Mary Merrigan, duly authorized under a power of attorney by Andrew M. Weiss	02/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What does the Weiss Asset Management Form 3 for AVDL disclose?

The Form 3 discloses that Weiss Asset Management LP and Andrew Weiss are ten percent owners of Avadel Pharmaceuticals, reporting indirect beneficial ownership of 11,112,052 ordinary shares held through two private investment funds managed by Weiss Asset Management LP.

How many Avadel (AVDL) shares are reported on this Form 3?

The Form 3 reports beneficial ownership of 11,112,052 Avadel ordinary shares. These shares are held by two private investment funds for which Weiss Asset Management LP serves as investment manager, and are reported as indirectly owned through those funds.

Is the Avadel (AVDL) Form 3 a buy or sell transaction?

This Form 3 does not report a buy or sell transaction. It is an initial ownership statement showing existing indirect beneficial ownership of 11,112,052 Avadel ordinary shares, rather than a new purchase or sale in the market.

How are the Avadel (AVDL) shares held by Weiss Asset Management?

The Avadel shares are held by two private investment funds for which Weiss Asset Management LP is investment manager. WAM GP LLC is the general partner of Weiss Asset Management LP, and Andrew Weiss is the Manager of WAM GP LLC, with beneficial ownership disclaimed except for pecuniary interest.

Do Weiss Asset Management and Andrew Weiss fully own the reported AVDL shares?

They report beneficial ownership but disclaim full beneficial ownership of the Avadel shares. Weiss Asset Management LP, WAM GP LLC, and Andrew Weiss state they only acknowledge beneficial ownership to the extent of their pecuniary interest in the shares held by the two private funds.