FENNEC PHARMACEUTICALS INC. Schedule 13G/A (Amendment No. 3) reports that Solas Capital Management, LLC and Frederick Tucker Golden each hold 2,482,198 common shares, representing 7.2% of the class based on 34,475,178 shares outstanding as of March 20, 2026.
The filing states the reported holdings reflect shared voting and dispositive power of 2,482,198 shares and confirms the investment adviser/portfolio manager relationship; the Funds disclaim beneficial ownership pursuant to Rule 13d-4.
Positive
None.
Negative
None.
Insights
Ownership disclosure shows a 7.2% stake held with shared voting and dispositive power.
The filing documents that Solas Capital Management, LLC and portfolio manager Frederick Tucker Golden each report 2,482,198 shares, equal to 7.2% of 34,475,178 outstanding as of March 20, 2026. The holdings are reported as shared voting and dispositive power.
The disclosure also cites Rule 13d-4 disclaimers by the Fund and the Other Fund; subsequent filings would show any changes to position size or voting arrangements.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
FENNEC PHARMACEUTICALS INC.
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
31447P100
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
31447P100
1
Names of Reporting Persons
Solas Capital Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,482,198.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,482,198.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,482,198.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.2 %
12
Type of Reporting Person (See Instructions)
IA, HC, OO
SCHEDULE 13G
CUSIP Number(s):
31447P100
1
Names of Reporting Persons
FREDERICK TUCKER GOLDEN
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,482,198.00
7
Sole Dispositive Power
8
Shared Dispositive Power
2,482,198.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,482,198.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.2 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
FENNEC PHARMACEUTICALS INC.
(b)
Address of issuer's principal executive offices:
PO BOX 13628, 68 TW ALEXANDER DRIVE, RESEARCH TRIANGLE PARK, NORTH CAROLINA, 27709.
Item 2.
(a)
Name of person filing:
Solas Capital Management, LLC
Frederick Tucker Golden
(b)
Address or principal business office or, if none, residence:
Solas Capital Management, LLC
1063 Post Road, 2nd Floor
Darien, CT 06820
Frederick Tucker Golden
c/o Solas Capital Management, LLC
1063 Post Road, 2nd Floor
Darien, CT 06820
(c)
Citizenship:
Solas Capital Management, LLC - Delaware
Frederick Tucker Golden - United States
(d)
Title of class of securities:
Common Shares, no par value
(e)
CUSIP No.:
31447P100
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Solas Capital Management, LLC is an investment adviser that is registered under the Investment Advisers Act of 1940. Solas Capital Management, LLC, which serves as the investment manager to a private fund (the "Fund") and as sub-adviser to another private fund (the "Other Fund"), which hold securities for the benefit of their investors, and Mr. Frederick Tucker Golden, as Portfolio Manager of Solas Capital Management, LLC, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owners of all shares of Common Stock held by the Fund and by the Other Fund. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, each of the Fund and the Other Fund expressly disclaims beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that either the Fund or the Other Fund are the beneficial owner of any of the securities reported herein.
Solas Capital Management, LLC - 2,482,198
Frederick Tucker Golden - 2,482,198
(b)
Percent of class:
Ownership percentage is based on 34,475,178 shares of common stock outstanding as of March 20, 2026, as represented by the Issuer in the Form 10-K filed with the Securities and Exchange Commission on March 27, 2026.
Solas Capital Management, LLC - 7.2%
Frederick Tucker Golden - 7.2%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Solas Capital Management, LLC - 0
Frederick Tucker Golden - 0
(ii) Shared power to vote or to direct the vote:
Solas Capital Management, LLC - 2,482,198
Frederick Tucker Golden - 2,482,198
(iii) Sole power to dispose or to direct the disposition of:
Solas Capital Management, LLC - 0
Frederick Tucker Golden - 0
(iv) Shared power to dispose or to direct the disposition of:
Solas Capital Management, LLC - 2,482,198
Frederick Tucker Golden - 2,482,198
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Notes above.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Notes above.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Solas Capital Management, LLC
Signature:
/s/ Frederick Tucker Golden
Name/Title:
General Partner, Solas Capital Holdings, LP, its Member
