American Drive Acquisition Co (NASDAQ: ADAC) is a blank-check special purpose acquisition company (SPAC) incorporated in the Cayman Islands that was formed to identify and complete a merger, share exchange, asset acquisition, or similar business combination with one or more target businesses. The company generates income solely from interest earned on funds held in a trust account, not from operating revenues. ADAC completed its initial public offering on December 19, 2025, raising $230,000,000 in gross proceeds from the sale of 23,000,000 units at $10.00 per unit, including full exercise of the underwriters' over-allotment option. An additional $6,000,000 was raised through the concurrent sale of 4,000,000 private placement warrants at $1.50 per warrant. The full $230,000,000 was placed in trust. For the period from inception (July 15, 2025) through December 31, 2025, net income was $94,700, consisting of $229,221 in trust interest offset by $134,521 in operating costs. ADAC has a 24-month completion window to close an initial business combination or face liquidation.

Revenue model

No operating revenue. Income is generated from interest earned on approximately $230,000,000 held in a trust account. The company pays its sponsor $10,000 per month for office space, utilities, and support services from the date of Nasdaq listing through consummation or liquidation.

Products and services

Units consisting of Class A ordinary shares and warrants, sold at $10.00 per unit in the IPO (December 19, 2025). Public warrants and private placement warrants exercisable for Class A ordinary shares. Up to $1,500,000 of sponsor loans may be convertible into private placement warrants at $1.50 per warrant post-business combination.

Customers and end markets

Primary counterparties are public market investors who purchased units in the December 2025 IPO. The ultimate end market is determined by the target business selected for the initial business combination, which had not been identified as of the filing date (March 31, 2026).

Value-chain role

SPAC sponsor vehicle. Raises capital from public investors, holds proceeds in trust, and acts as an acquirer to bring a private company to public markets through a business combination. Cantor served as representative of the underwriters.

Geographic exposure

Incorporated in the Cayman Islands. Listed on Nasdaq. The filing notes ADAC may pursue targets both inside and outside the United States, with no geographic focus specified as of the filing date.

Source: SEC 10-K, filed 2026-03-31

Industry: Blank Checks