American Drive Acquisition Co’s (NASDAQ:ADAC) Lock-Up Period Set To End on June 16th

American Drive Acquisition’s (NASDAQ:ADAC) lock-up period will expire on Tuesday, June 16th. American Drive Acquisition had issued 20,000,000 shares in its public offering on December 18th. The total size of the offering was $200,000,000 based on an initial share price of $10.00. After the end of American Drive Acquisition’s lock-up period, company insiders and major shareholders will be able to sell their shares of the company.

American Drive Acquisition Stock Performance

Shares of NASDAQ:ADAC opened at $10.00 on Tuesday. American Drive Acquisition has a 1-year low of $9.85 and a 1-year high of $10.00. The business’s fifty day simple moving average is $9.93.

American Drive Acquisition Company Profile

American Drive Acquisition (NASDAQ: ADAC) is a special purpose acquisition company (SPAC) formed to raise capital through a public offering and to effect one or more business combinations. As a blank‑check vehicle, the company does not operate a traditional commercial business prior to completing a qualifying merger, acquisition or similar transaction; its principal activity is identifying and negotiating a business combination that will allow a private operating company to become publicly listed through the de‑SPAC process.

Until a business combination is completed, American Drive Acquisition’s activities are primarily financial and transactional in nature: managing the trust account established at IPO, conducting due diligence on potential targets, and structuring merger or acquisition transactions.