American Drive Acquisition completes $230 million IPO on Nasdaq

American Drive Acquisition Company closed its initial public offering on December 19, 2025, raising $230 million in gross proceeds before fees and expenses, according to a company statement.

The blank check company sold 23 million units at $10 per unit, including 3 million additional units from the full exercise of underwriters' overallotment option. Each unit consists of one Class A ordinary share and one-third of a redeemable warrant.

The units began trading on the Nasdaq Global Market under ticker symbol "ADACU" on December 18, 2025. The warrants allow holders to purchase Class A ordinary shares at $11.50 per share once exercisable.

American Drive Acquisition was formed to pursue a merger, share exchange, asset acquisition or similar business combination with one or more businesses. The company's Class A ordinary shares and warrants are expected to trade separately on Nasdaq under symbols "ADAC" and "ADACW" respectively once the securities begin separate trading.

Cantor Fitzgerald & Co. served as sole book-running manager for the offering. The Securities and Exchange Commission declared the company's registration statement effective on December 17, 2025.

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