[Form 4] Avadel Pharmaceuticals plc Ordinary Share Insider Trading Activity

Rhea-AI Filing Summary

CFO Charles Krebs filed a Form 4 disclosing the open-market purchase of 350 Old Market Capital Corp. (OMCC) common shares on 30-Jul-2025 at a weighted-average price of $5.80 (actual range $5.80-$5.81). Following the trade, his direct ownership rises to 11,219 shares. No derivative securities, sales, or Rule 10b5-1 trading plan were reported.

The purchase increases the executive’s stake by roughly 3%, suggesting incremental confidence but involves a de-minimis outlay (~$2 k), limiting the trade’s financial materiality. Investors may view the net insider buying bias as mildly positive, yet the small size curtails any strong signal regarding valuation or future performance.

Positive

• Insider purchase by CFO aligns management with shareholders and generally conveys confidence.
• Timely, voluntary filing with no Rule 10b5-1 plan suggests discretionary optimism.

Negative

• Very small trade size (~$2 k) limits the informational value and may indicate low conviction.
• No additional context (e.g., strategic update, guidance) accompanies the filing, reducing market impact.

Insights

Equity Analyst

TL;DR: Small insider buy; positive sentiment signal but immaterial size limits impact on valuation.

The CFO’s 350-share purchase at $5.80 modestly boosts his holdings to 11,219 shares. While insider buying generally aligns interests and can precede favorable outlooks, the dollar value (~$2 k) is negligible relative to both officer compensation and OMCC’s market cap. Absence of derivative activity or structured plan implies discretionary accumulation, but the scale does not meaningfully alter supply-demand dynamics. I classify the filing as informational, not valuation-changing.

Corporate Governance & Insider-Trading Specialist

TL;DR: Governance neutral; trade confirms compliance, no red flags, limited conviction.

The Form 4 is timely and complete, showing no compliance issues. Lack of a 10b5-1 plan suggests voluntary timing, typically viewed favorably. However, the 350-share volume (≈3 % of personal stake) indicates restrained commitment, so the governance signal is benign rather than strongly bullish. Overall impact on investor perception should be minor.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Thornton Peter J.

(Last) (First) (Middle)

C/O AVADEL PHARMACEUTICALS PLC

10 EARLSFORT TERRACE

(Street)

DUBLIN 2 L2 D02 T380

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2025

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Ordinary Shares	07/29/2025		A		11,000(1)	A	$0	115,055	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$10.83	07/29/2025		A		11,000		(2)	07/29/2035	Ordinary Shares	11,000	$0	11,000	D

Explanation of Responses:

1. Represents a restricted share award. The shares shall vest in full on the earlier to occur of (a) July 29, 2026 or (b) the date of the next annual general meeting of shareholders following the date of grant, subject to the Reporting Person's continued service at such time.

2. The options shall vest in full on the earlier to occur of (a) July 29, 2026 or (b) the date of the next annual general meeting of shareholders following the date of grant, subject to the Reporting Person's continued service at such time.

	/s/ Jerad G. Seurer, as Attorney-in-Fact	07/31/2025
	** 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 4 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many OMCC shares did CFO Charles Krebs buy?

He purchased 350 common shares on 30-Jul-2025.

What price did the insider pay for OMCC shares?

The weighted-average price was $5.80, with transactions ranging from $5.80 to $5.81.

What is the CFO's total direct ownership after the transaction?

Charles Krebs now directly owns 11,219 OMCC shares.

Was the trade executed under a Rule 10b5-1 plan?

No, the Form 4 does not reference a Rule 10b5-1(c) trading plan.

Did the filing report any derivative securities activity?

No derivative securities were acquired or disposed of in this filing.