American Drive Acquisition Company Announces Pricing of $200 Million Initial Public Offering

Rhea-AI Summary

American Drive Acquisition Company (ADAC) priced a $200 million initial public offering of 20,000,000 units at $10.00 per unit on December 17, 2025.

Each unit contains one Class A ordinary share and one-third of one redeemable warrant; each whole warrant has an exercise price of $11.50. Units are expected to begin trading on the Nasdaq Global Market as ADACU on December 18, 2025, with separate trading of Class A shares and warrants expected under ADAC and ADACW after separation. The offering is expected to close December 19, 2025, subject to customary conditions.

Cantor Fitzgerald is sole book-running manager and the underwriters have a 45-day option to buy up to 3,000,000 additional units to cover over-allotments.

Positive

• $200M gross proceeds from 20,000,000 units
• Underwriter: Cantor Fitzgerald as sole book-running manager
• 45-day over-allotment option: 3,000,000 units available

Negative

• Warrants exercisable at $11.50 can dilute shareholders if exercised
• Over-allotment option of 3,000,000 units equals 15% potential additional issuance

WASHINGTON, Dec. 17, 2025 /PRNewswire/ -- American Drive Acquisition Company (the "Company"), a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The units are expected to be listed for trading on the Nasdaq Global Market under the ticker symbol "ADACU" beginning December 18, 2025. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant of the Company. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. Once the securities comprising the units begin separate trading, the Company expects that its Class A ordinary shares and warrants will be listed on the Nasdaq Global Market under the symbols "ADAC" and "ADACW," respectively. The offering is expected to close on December 19, 2025, subject to customary closing conditions.

While the Company may pursue an initial business combination opportunity in any business, industry or geographic location, it intends to capitalize on the ability of its management team to identify, acquire and operate a business or businesses that can benefit from its management team's established global relationships, sector expertise and active management and operating experience. In particular, it currently intends to focus on American companies in the defense, logistics, transportation, technology and AI sectors.

Cantor Fitzgerald & Co. is acting as sole book-running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to 3,000,000 additional units at the initial public offering price to cover over-allotments, if any.

The public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Cantor Fitzgerald & Co., 499 Park Avenue, New York, NY 10022, Attention: General Counsel, or by email at: prospectus@cantor.com.

A registration statement relating to the securities became effective on December 17, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds from the offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the U.S. Securities and Exchange Commission (the "SEC"). Copies of these documents are available on the SEC's website, at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

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SOURCE American Drive Acquisition Company

FAQ

What did ADAC price for its December 17, 2025 IPO?

ADAC priced 20,000,000 units at $10.00 per unit, totaling $200 million.

When will ADAC units and shares list on Nasdaq (ADACU/ADAC/ADACW)?

Units are expected to trade as ADACU on December 18, 2025; separate Class A shares and warrants are expected to trade as ADAC and ADACW after separation.

What does each ADAC unit include and what is the warrant exercise price?

Each unit includes one Class A ordinary share and one-third of a redeemable warrant; each whole warrant has an exercise price of $11.50.

When is the ADAC offering expected to close and who is the manager?

The offering is expected to close on December 19, 2025, subject to customary conditions, with Cantor Fitzgerald as sole book-running manager.

How large is the underwriter over-allotment option for ADAC?

Underwriters have a 45-day option to purchase up to 3,000,000 additional units at the IPO price to cover over-allotments.