--- title: "REG - JP Morgan Sec LLC Avadel Pharma plc - Form 38.5b (EPT/NON-RI)-Avadel Pharmaceuticals plc" type: "News" locale: "en" url: "https://longbridge.com/en/news/275438837.md" description: "J.P. Morgan Securities LLC disclosed its position regarding Avadel Pharmaceuticals plc under Rule 38.5(b) of the Irish Takeover Panel. As of February 9, 2026, J.P. Morgan holds 837,911 relevant securities, including 835,340 ordinary shares and short positions of 171,531 shares. The firm made purchases and sales of ordinary shares, including a purchase of 102,098 shares at prices ranging from $21.62 to $21.70. The disclosure was made on February 10, 2026, by Hetvi Shah." datetime: "2026-02-10T10:09:13.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275438837.md) - [en](https://longbridge.com/en/news/275438837.md) - [zh-HK](https://longbridge.com/zh-HK/news/275438837.md) generator: "portal-rs" --- # REG - JP Morgan Sec LLC Avadel Pharma plc - Form 38.5b (EPT/NON-RI)-Avadel Pharmaceuticals plc RNS Number : 4201S J.P. Morgan Securities LLC 10 February 2026 Ap38 FORM 38.5(b) (EPT/NON-RI) IRISH TAKEOVER PANEL OPENING POSITION DISCLOSURE/DEALING DISCLOSURE UNDER RULE 38.5(b) OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 BY A CONNECTED EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY STATUS, OR WITH RECOGNISED INTERMEDIARY STATUS BUT NOT DEALING IN A CLIENT-SERVING CAPACITY 1\. KEY INFORMATION (a) Name of exempt principal trader: J.P. Morgan Securities LLC (b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree Avadel Pharmaceuticals plc (c) Name of the party to the offer with which exempt principal trader is connected: (Note 1) Financial Advisor to Alkermes plc (d) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure 09 February 2026 (e) In addition to the company in 1(b) above, is the exempt principal trader also making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A" N/A 2\. INTERESTS AND SHORT POSITIONS If there are interests and short positions to disclose in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2 for each additional class of relevant security. Ap39 Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) (Note 2) Class of relevant security: (Note 3) $0.01 ordinary shares Interests Short positions Number % Number % (1) Relevant securities owned and/or controlled: 835,340 0.86 171,531 0.18 (2) Cash-settled derivatives: 2,571 0.00 0 0.00 (3) Stock-settled derivatives (including options) and agreements to purchase/ sell: 0 0.00 0 0.00 Total: 837,911 0.86 171,531 0.18 All interests and all short positions should be disclosed. Details of options including rights to subscribe for new securities and any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8. 3\. DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER (Note 4) Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in. The currency of all prices and other monetary amounts should be stated. (a) Purchases and sales Class of relevant security Purchases/ sales Total number of securities Highest price per unit paid/received Lowest price per unit paid/received $0.01 ordinary shares Purchase 102,098 21.7000 USD 21.6200 USD Sale 5,805 21.6900 USD 21.6200 USD Ap40 (b) Cash-settled derivative transactions Class of relevant security Product description e.g. CFD Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities (Note 5) Price per unit (Note 6) $0.01 ordinary shares Equity Swap Opening a long position 1,731 21.6813 USD 6 21.6827 USD Opening a short position 92 21.6637 USD (c) Stock-settled derivative transactions (including options) (i) Writing, selling, purchasing or varying - Class of relevant security - Product description e.g. call option - Writing, purchasing,selling, varying etc. - Number of securities to which option relates (Note 5) - Exercise price perunit - Type e.g. American, European etc. - Expiry date - Option money paid/ received per unit (ii) Exercise - Class ofrelevantsecurity - Productdescription e.g. calloption - Exercising/exercisedagainst - Number ofsecurities - Exerciseprice perunit (Note 6) (d) Other dealings (including transactions in respect of new securities) - Class of relevant security - Nature of dealing e.g. subscription, conversion, exercise - Details - Price per unit (if applicable) (Note 6) Ap41 4\. OTHER INFORMATION (a) Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none" (b) Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated. (c) Attachments - Is a Supplemental Form 8 attached? - NO Date of disclosure: 10 February 2026 Contact name: Hetvi Shah Telephone number: 44 2034 936359 Public disclosures under Rule 38 of the Rules must be made to a Regulatory Information Service. Ap42 NOTES ON FORM 38.5(b) AND 38.6 1\. See the definition of "connected principal trader" in Rule 2.2 of Part A of the Rules. 2\. See the definition of "interest in a relevant security" in Rule 2.5 of Part A of the Rules and see Rule 8.6(a) and (b) of Part B of the Rules. 3\. See the definition of "relevant securities" in Rule 2.1 of Part A of the Rules. 4\. See the definition of "dealing" in Rule 2.1 of Part A of the Rules. 5\. See Rule 2.5(d) of Part A of the Rules. 6\. If the economic exposure to changes in the price of securities is limited, for example, by virtue of a stop loss arrangement relating to a spread bet, full details must be given. 7\. If details included in a disclosure under Rule 38 are incorrect, they should be corrected as soon as practicable in a subsequent disclosure. Such disclosure should state clearly that it corrects details disclosed previously, identify the disclosure or disclosures being corrected, and provide sufficient detail for the reader to understand the nature of the corrections. In the case of any doubt, the Panel should be consulted. For full details of disclosure requirements, see Rules 8 and 38 of the Rules. If in doubt, consult the Panel. References in these notes to "the Rules" are to the Irish Takeover Panel Act, 1997, Takeover Rules, 2022. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. 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