Short Interest in American Drive Acquisition Co (NASDAQ:ADAC) Decreases By 61.6%

American Drive Acquisition Co (NASDAQ:ADAC) saw a significant drop in short interest in July. As of July 15th, there was short interest totaling 6,537 shares, a drop of 61.6% from the June 30th total of 17,035 shares. Based on an average trading volume of 8,151 shares, the short-interest ratio is presently 0.8 days.

American Drive Acquisition Stock Performance

ADAC stock opened at $10.07 on Monday. American Drive Acquisition has a 12-month low of $9.85 and a 12-month high of $10.73. The company has a 50 day simple moving average of $10.01.

About American Drive Acquisition

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.