<SEC-DOCUMENT>0000921895-25-001861.txt : 20250630
<SEC-HEADER>0000921895-25-001861.hdr.sgml : 20250630
<ACCEPTANCE-DATETIME>20250630105649
ACCESSION NUMBER:		0000921895-25-001861
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250630
DATE AS OF CHANGE:		20250630
EFFECTIVENESS DATE:		20250630

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVADEL PHARMACEUTICALS PLC
		CENTRAL INDEX KEY:			0001012477
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37977
		FILM NUMBER:		251089753

	BUSINESS ADDRESS:	
		STREET 1:		BLOCK 10-1 BLANCHARDSTOWN CORPORATE PARK
		STREET 2:		BALLYCOOLIN
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			15
		BUSINESS PHONE:		636-449-1830

	MAIL ADDRESS:	
		STREET 1:		16640 CHESTERFIELD GROVE ROAD
		STREET 2:		SUITE 200
		CITY:			CHESTERFIELD
		STATE:			MO
		ZIP:			63005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLAMEL TECHNOLOGIES SA
		DATE OF NAME CHANGE:	19960422

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASL Strategic Value Fund, LP
		CENTRAL INDEX KEY:			0001667882
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		C/O DAY PITNEY LLP
		STREET 2:		ONE CANTERBURY GREEN, 7TH FL.
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
		BUSINESS PHONE:		(203) 977 7300

	MAIL ADDRESS:	
		STREET 1:		C/O DAY PITNEY LLP
		STREET 2:		ONE CANTERBURY GREEN, 7TH FL.
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">NOTICE OF EXEMPT SOLICITATION<BR>
<FONT STYLE="font-weight: normal">Submitted Pursuant to Rule 14a-6(g)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Amendment No. ____)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Name of the Registrant:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">Avadel Pharmaceuticals plc</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Name of Person Relying on Exemption:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">ASL Strategic Value Fund, LP</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Address of Person Relying on the Exemption:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">ASL Strategic Value Fund, LP<BR>
C/O Olshan Frome Wolosky LLP<BR>
1325 Avenue of the Americas<BR>
New York, NY 10019</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>Written Material. The following written materials are attached:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">Press Release, dated June 30, 2025.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="line-height: 107%">Written
materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. This is not a solicitation
of authority to vote your proxy. </FONT>ASL Strategic Value Fund, LP <FONT STYLE="line-height: 107%">(together with its affiliates, &ldquo;</FONT>ASL
Strategic Value Fund<FONT STYLE="line-height: 107%">&rdquo;) is not asking for your proxy card and will not accept proxy cards if sent.
The cost of this filing is being borne entirely by </FONT>ASL Strategic Value Fund<FONT STYLE="line-height: 107%">.</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>PLEASE NOTE: ASL Strategic Value Fund
is not asking for your proxy card and cannot accept your proxy card. Please DO NOT send us your proxy card.</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><I>(Written material follows on next page)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>ASL STRATEGIC VALUE FUND ISSUES OPEN LETTER
TO AVADEL SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Calls for all Avadel Shareholders to vote
<I>AGAINST</I> all Director Nominees at the upcoming Annual Meeting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">GREENWICH, Conn. &amp; CHESTERFIELD, Mo. &ndash;
(BUSINESS WIRE) -- ASL Strategic Value Fund, LP (together with its affiliates, &ldquo;ASL Strategic Value Fund&rdquo; or &ldquo;we&rdquo;),
a significant shareholder of Avadel Pharmaceuticals plc (NASDAQ: AVDL) (&ldquo;Avadel&rdquo; or the &ldquo;Company&rdquo;), today issued
an open letter calling on Avadel&rsquo;s shareholders to vote <B><I>AGAINST</I></B> all of the Company&rsquo;s director nominees up for
election at the 2025 annual general meeting of shareholders scheduled for July 29, 2025 (the &ldquo;Annual Meeting&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The full text of the letter is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Dear Fellow Avadel Shareholders: It has been
approximately five months since we sent our previous letter to Avadel&rsquo;s board of directors (the &ldquo;Board&rdquo;), dated February
10, 2025, where we called on the Board to embark on a new course of action designed to maximize the Company&rsquo;s value for all of Avadel&rsquo;s
long-suffering shareholders. The Board has failed to appropriately respond. Accordingly, we now believe a new path forward is necessary
and we urge you to vote <B><I>AGAINST</I></B> the Company&rsquo;s director nominees at the Annual Meeting. Even if you have already voted,
you may change your vote at any time before the vote is taken by submitting a proxy with a later date (but to be received by the Company
by 10:00 a.m. (Irish Standard Time) on July 28, 2025).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Under our plan, the Company would distribute
a contingent value right (&ldquo;CVR&rdquo;) to you, the Company&rsquo;s shareholders, to receive any and all proceeds from the six lawsuits
(or potential settlements) currently pending against Jazz Pharmaceuticals, Inc. At the recent Jefferies healthcare conference, Avadel&rsquo;s
CEO stated that just one of these lawsuits (going to trial in four months), could bring a recovery in excess of $1 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Additionally, we again call on the Board to
retain an investment bank to monetize the significant value inherent in the Company&rsquo;s best-in-class asset LUMRYZ (sodium oxybate)
(&ldquo;LUMRYZ&rdquo;). This drug has been found by the U.S. Food and Drug Administration (&ldquo;FDA&rdquo;) on two separate occasions
to be &quot;clinically superior&quot; to any other sodium oxybate. Just last week the FDA granted orphan drug designation (&ldquo;ODD&rdquo;)
for LUMRYZ for a new indication idiopathic hypersonia (&ldquo;IH&rdquo;). The regulatory pathway for an IH approval is now quite clear,
and if approved by the FDA, this additional indication could add an additional $500 million to $1 billion to the Company&rsquo;s annual
revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The status quo at AVDL is unacceptable. We
are shocked and disappointed that Avadel&rsquo;s management team has never mentioned that its primary mission is to create shareholder
value for the owners of this company. This fact has been missing from the company's website, slide decks and virtually every shareholder
presentation the Company has issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Further, over the past five years, the Company&rsquo;s
current management team has failed to create any value for the Company&rsquo;s shareholders. In fact, the constant mis-steps with the
launch of LUMRYZ and the constant mis-communication over the last several years with investors has destroyed significant shareholder value
along with management&rsquo;s credibility. Two years into the launch of the Company&rsquo;s &quot;best in class&quot; and &quot;clinically
superior&quot; drug, Avadel should have converted 40 to 50 percent of the existing sodium oxybate users to LUMRYZ. We believe that this
number of switch patients would translate into approximately 6,000 to 8,000 patients currently on therapy versus the approximate 1,000
switch patients the company currently has. Further, we believe that these patients would have added approximately $600 to $800 million
to revenues and approximately $5 to $7 per share to earnings. Not concentrating on this patient population was a major blunder made by
management who only recently realized this mistake and has finally begun to focus its attention on this patient population.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Board in turn has failed to act in accordance
with its fiduciary responsibilities and hold management accountable for this failed track record. In fact, this failure has been rewarded
by the Board with additional dilutive share awards to management including bonuses and option grants. During the last year the Company&rsquo;s
shareholders have lost hundreds of millions of dollars of market capitalization and the Company&rsquo;s CEO was awarded $7.399 million
of total compensation in 2024. The Company has recently made a number of new hires to build out its team. This again should have been
an opportunity for the Board to add some much-needed talent to the team. Unfortunately, it looks like the Company ended up getting candidates
with no particular track record of success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s shareholders deserve better
from this Board. Clearly all the many communications that the Board has received have been ignored and have fallen on deaf ears. We believe
it is time for a stronger message to be sent to the existing Board. ASL Strategic Value Fund will be voting <B><I>AGAINST </I></B>each
and every Avadel director that is standing for re-election at the upcoming Annual Meeting scheduled to be held on July 29, 2025. We also
recommend that every other Avadel shareholder vote <B><I>AGAINST </I></B>the entire Board. According to the Company&rsquo;s Proxy Statement
issued in connection with the Annual Meeting, even if you have already voted, you may change your vote at any time before the vote is
taken by submitting a proxy with a later date (but to be received by the Company by 10:00 a.m. (Irish Standard Time) on July 28, 2025).
Directors are elected by ordinary resolution (a majority of the votes cast). If any director fails to receive the requisite vote, we expect
the Company to abide by corporate governance &ldquo;best practices&rdquo; and facilitate each of such directors&rsquo; resignation(s)
from the Board. Further, if that occurs, we believe the Company&rsquo;s shareholders must have a say in selecting the new candidates to
the Board that would (for once) be aligned with the interests of the owners of this Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">To ensure that the vote at the upcoming election
is fair and honest, I am calling for an impartial election monitor to be appointed (with the approval of the shareholders). In my letter
to the Board, dated May 14, 2025, I stated that I had a negative experience in a prior Avadel director election with ASL Strategic Value
Fund's votes being improperly counted. In that election our approximately 1.28 million shares, which were voted AGAINST each director
were not counted or disclosed in the final vote count. It was only after our counsel had contacted the Company about this serious omission
that a corrective 8-K was later quietly filed with a corrected vote count.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Lastly, Avadel has two very significant assets
in LUMRYZ and the potential recoveries from its lawsuits against Jazz Pharmaceuticals, Inc. It is long past time that a new strategy be
implemented to maximize value for the benefit of all of the Company&rsquo;s shareowners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As always I am available to discuss these matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Steven Braverman<BR>
<BR>
Managing Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">THIS IS NOT A SOLICITATION OF AUTHORITY TO
VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. ASL STRATEGIC VALUE FUND IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY
CARDS IF SENT. ASL STRATEGIC VALUE FUND IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U></U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>About ASL Strategic Value Fund</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">ASL Strategic Value Fund is a Greenwich, CT based institutional
money management firm, employing a disciplined approach to value investing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 12pt"><B>Contacts</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Steven Braverman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Managing Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASL Strategic Value Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">203/738-5836</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Joseph Jaffoni</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">JCIR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">212/835-8500</P>

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