Vault-13

AMERICAN DRIVE ACQUISITION C ADACU

UNIT 12/04/2030 · Unit · CUSIP G0R91M121

18 institutional holders -8 vs Q1 2026
2,536,0122.5m shares reported held*
$25.9mreported value*
0 new 3 added 2 reduced 8 sold out net sold ≈ $21.8m (-2.1m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $10.22.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0255075Q4 25: 66Q1 26: 26Q2 26: 1818Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q4 202566
Q1 202626
Q2 202618

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
50050Q1 26: 7 bought or addedQ1 26: 44 cut or sold outQ1 26Q2 26: 3 bought or addedQ2 26: 10 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q1 2026744
Q2 2026310

Biggest buyers

Clear Street Group Inc. Added +19,189+19.2k
TORONTO DOMINION BANK Added +2,000+2.0k
GLAZER CAPITAL, LLC Added +19+19

Biggest sellers

MMCAP International Inc. SPC Sold out -1,000,000-1.0m
MILLENNIUM MANAGEMENT LLC Sold out -450,000-450.0k
TIG Advisors, LLC Sold out -400,000-400.0k
L1 Global Manager Pty Ltd Sold out -200,000-200.0k
HEIGHTS CAPITAL MANAGEMENT, INC Sold out -50,000-50.0k
Kryger Capital LLC Sold out -35,359-35.4k
Tuttle Capital Management, LLC Sold out -20,000-20.0k
FNY Investment Advisers, LLC Reduced -100-100
Magnetar Financial LLC Sold out -10-10
UBS Group AG Reduced -2-2

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
TENOR CAPITAL MANAGEMENT Co., L.P. 13G · passive investor new · filed 2025-12-22 6.3% new 1.2m≈ $12.8m 2025-12-22
Adage Capital Management, L.P. 13G · institution new · filed 2026-02-12 5.4% new 1.2m≈ $12.8m 2026-02-12

Fell to 5% or below in the last year: MMCAP International Inc. SPC (4.4%, 2026-02-13)

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 LMR Partners LLP 0.04% of their portfolio LONDON, X0 500,000500.0k $5.1m $5.1m 0.04% Unchanged
2 BlueCrest Capital Management Ltd 0.22% of their portfolio ST HELIER, Y9 500,000500.0k $5.1m $5.1m 0.22% Unchanged
3 OMERS ADMINISTRATION Corp 0.02% of their portfolio TORONTO, A6 400,000400.0k $4.1m $4.1m 0.02% Unchanged
4 PEAK6 LLC 0.07% of their portfolio AUSTIN, TX 264,424264.4k $2.7m $2.7m 0.07% Unchanged
5 SYQUANT CAPITAL SAS 0.46% of their portfolio PARIS, I0 200,000200.0k $2.0m $2.0m 0.46% Unchanged
6 Calamos Advisors LLC 0.01% of their portfolio NAPERVILLE, IL 197,792197.8k $2.0m $2.0m 0.01% Unchanged
7 Westchester Capital Management, LLC 0.08% of their portfolio VALHALLA, NY 150,000150.0k $1.5m $1.5m 0.08% Unchanged
8 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 52,60052.6k $538.1k $538.1k 0.00% Added +2.0k +2,000
9 PRELUDE CAPITAL MANAGEMENT, LLC 0.04% of their portfolio NEW YORK, NY 50,63850.6k $518.0k $518.0k 0.04% Unchanged
10 Stoic Point Capital Management LLC 0.44% of their portfolio PALO ALTO, CA 50,63850.6k $518.0k $518.0k 0.44% Unchanged
11 Lineage Point Capital LP 0.11% of their portfolio PALM BEACH, FL 50,31350.3k $514.7k $514.7k 0.11% Unchanged
12 Clear Street Group Inc. 0.00% of their portfolio NEW YORK, NY 41,63141.6k $425.9k $425.9k 0.00% Added +19.2k +19,189
13 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 25,00025.0k $255.2k $255.2k 0.00% Unchanged
14 Quarry LP 0.04% of their portfolio NEW YORK, NY 25,00025.0k $255.8k $255.8k 0.04% Unchanged
15 RLH Capital LLC 0.12% of their portfolio Great Neck, NY 25,00025.0k $255.8k $255.8k 0.12% Unchanged
16 UBS Group AG 0.00% of their portfolio ZURICH, V8 2,0062.0k $20.5k $20.5k 0.00% Reduced -2 -2
17 GLAZER CAPITAL, LLC 0.00% of their portfolio New York, NY 650650 $7.0k $7.0k 0.00% Added +19 +19
18 FNY Investment Advisers, LLC 0.00% of their portfolio NEW YORK, NY 320320 $3.0k $3.0k 0.00% Reduced -100 -100