When AADX insiders can sell
Applied Aerospace & Defense, Inc. · IPO prospectus filed 2026-06-04 · Not machine-readable
The prospectus does not contain a lock-up period this parser can resolve to a date, so there is no date to publish. An assumed 180 days would be a guess with a filing link next to it.
How much stock, against how much trades
"Absorb days" is the shares coming free divided by average daily volume: how many full sessions of AADX's entire turnover the release amounts to. It is a ratio, not a forecast — it does not know who wants to sell, and a founder with no intention of selling counts the same as a fund that has been waiting six months.
Exactly 138,243,518 shares, against 2,386,850 shares a day averaged over 20 sessions. Volume source: yahoo-finance2 daily bars (symbol not in our price table), through 2026-11-06. Dollar volume $23.1M a day. Middle third — no call.
Why there is no call on this deal
The numbers above are published, but no dated call was issued. A call only goes in the ledger when the expiry falls 15 to 45 days out, the prospectus states or implies a share count, and there are at least 20 sessions of volume — and the middle third of the cohort gets no call at all, because a call on every deal is not a call. Publishing one here would be padding the scoreboard with a coin flip.
Where the share count comes from
138,243,518 shares — derived: shares outstanding after the offering, less the shares sold in it. A count the prospectus prints and a count derived from two of its other numbers are not the same quality of claim, so which one this is gets said rather than implied.
| Shares outstanding after the offering | 170,743,518 |
| Shares sold in the offering | 32,500,000 |
| Underwriters' over-allotment option | 4,875,000 |
| Locked up, coming free at expiry | 138,243,518 |
Common stock to be outstanding immediately after this offering 170,743,518 shares (or 175,618,518 shares if the underwriters' option to purchase additional shares is exercised in full). Use of proceeds We expect to receive net proceeds of approximately $604.3 million (or approximately $696.4 million if the underwriters' option to purchase additional shares is exercised in full), based on the initial public offering price of $20.00 per share, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.
Exceptions written into the lock-up (6)
Each of these is a route by which AADX shares can move before the expiry. The 10b5-1 carve-out is the one worth reading twice: it lets insiders put a selling plan in place during the lock-up, so the first sales can be automatic and immediate rather than discretionary and later.
- 10b5-1 plan
- bona fide gift or charitable transfer
- estate planning or family transfer
- directed share program participants
- option exercise or RSU settlement
- underwriter discretionary release
…pursuant to an acquisition or similar strategic transaction contemplated by clause (F) below; (E) facilitating the establishment of a trading plan on behalf of a shareholder, officer or director of ours pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of common stock, provided that (i) such plan does not provide for the transfer of common stock during the lock-up period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by us regarding the establishment of such plan, such announcement or filing will include a statement to the effect that…
The restrictions in the immediately preceding paragraph will not apply to the transfer of shares of common stock or Other Securities: (i) as a bona fide gift or to a charitable organization or educational institution or for bona fide estate planning purposes; (ii) by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or any immediate family member of the lock-up party; (iii) to a trust, partnership, limited liability company or other entity for the direct or indirect benefit of the lock-up party and/or a…
…ation of this offering, a formal written policy providing that our executive officers, directors, nominees for election as directors, beneficial owners of more than 5% of any class of our voting stock, any member of the immediate family of any of the foregoing persons, and any firm, corporation or other entity in which any of the foregoing persons is employed, is a general partner or principal or in a similar position, or in which such person has a 5% or greater beneficial ownership interest, is not permitted to enter into a related party transaction with us without the consent of our audit committee, subject to the exceptions described below.
…of our common stock, or 5.0% of the shares offered by this prospectus (excluding the 4,875,000 additional shares that the underwriters have an option to purchase), for sale at the initial public offering price through a directed share program to certain of our directors, officers, employees and others. See the section entitled "Underwriting (Conflicts of Interest)—Directed Share Program" for additional information. Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
Nevertheless, future sales of substantial amounts of our common stock, including shares issued upon the exercise of outstanding options, in the public market after this offering or the perception that those sales may occur, could cause the prevailing market price for our common stock to fall or impair our ability to raise capital through sales of our equity securities. Based on the number of shares of our common stock outstanding as of May 26, 2026, after giving effect to the Stock Split and the consummation of this offering, we will have 170,743,518 shares of our common stock outstanding, assuming no exercise by the underwriters of their option to purchase additional shares.
LLC and Jefferies LLC, on behalf of the underwriters, may, in their sole discretion, release all or some portion of the shares subject to the lock-up agreements prior to the expiration of the lock-up period. Further, in connection with this offering, we intend to file a registration statement with the SEC on Form S-8 providing for the registration of shares of our common stock issued or reserved for issuance under our 2026 Omnibus Incentive Plan. Subject to the satisfac…
What we could not establish
AADX is read but not publishable: no machine-readable lock-up period in the prospectus. So there is no absorb-day figure on this page and no call, and there will not be one until the number exists in a filing.
The common case is a prospectus that says "substantially all" of the locked shares become eligible for sale without ever printing a count. The clause above is quoted in full so you can see that for yourself. An estimate presented with a filing link beside it would read as a filing figure, and that is worse than an admission — it is the one failure mode a reader cannot detect.
How this reading of AADX could be wrong
The structure is not machine-readable. The clause was found but its shape — single cliff, earlier-of, staged — could not be classified, so no structural claim is made about it on this page.
The volume is a vendor's, not ours. AADX is not in our own price table, so average daily volume comes from yahoo-finance2 daily bars (symbol not in our price table). Vendor bars for recently listed symbols are the ones most likely to be wrong.
Only 20 sessions of volume history. This is a recent IPO, and early volume is dominated by the offering itself. An average over 20 sessions of a stock that has barely traded is the weakest input on the page, and absorb days inherits every bit of that weakness.
The parser can misread a filing. That is why every number here is printed next to the words it came from. Earlier versions of this parser read the underwriters' 30-day over-allotment window as a 30-day lock-up on five deals, and double-counted one issuer's share total because the offering summary appears on both the cover and in the summary section.
Learn to read these clauses yourself
The flow arithmetic on this page — shares unlocking divided by average daily volume, and why the clause has to be read rather than assumed — taught step by step, free.
Radar built 2026-11-07 from EDGAR full-text search over 424B4 filings · all 80 parsed lock-ups and the scoreboard · AADX's prospectus on EDGAR · what funds carried these companies at before listing