MMCAP discloses 4.4% stake in American Drive

American Drive Acquisition Co received an amended Schedule 13G showing that MMCAP International Inc. SPC and Asset Management Inc. together beneficially own 1,000,000 Class A Ordinary Shares, representing 4.4% of the class.

Rhea-AI Filing Summary

American Drive Acquisition Co received an amended Schedule 13G showing that MMCAP International Inc. SPC and Asset Management Inc. together beneficially own 1,000,000 Class A Ordinary Shares, representing 4.4% of the class. They report shared power to vote and dispose of all 1,000,000 shares and no sole voting or dispositive power. The filing states that the securities were not acquired and are not held for the purpose of changing or influencing control of the company, indicating a passive investment position as of the 12/31/2025 event date.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What ownership stake in ADAC does this Schedule 13G/A report?

The filing reports beneficial ownership of 1,000,000 Class A Ordinary Shares of American Drive Acquisition Co, representing 4.4% of the outstanding class. This places the reporting holders below the 5% threshold typically associated with larger block positions.

Who are the reporting persons in the ADAC Schedule 13G/A filing?

The reporting persons are MMCAP International Inc. SPC, organized in the Cayman Islands, and Asset Management Inc., based in Ontario, Canada. They have filed jointly to disclose their shared beneficial ownership of American Drive Acquisition Co Class A Ordinary Shares.

How many ADAC shares do the reporting holders control voting power over?

The reporting holders have shared voting power over 1,000,000 Class A Ordinary Shares and no sole voting power. They also report shared dispositive power over the same 1,000,000 shares, reflecting joint control over how these shares are voted and potentially sold.

Is the 4.4% ADAC stake described as a passive investment?

Yes. The certification states the shares were not acquired and are not held to change or influence control of American Drive Acquisition Co. The position is characterized as a passive investment, consistent with the disclosure made on this Schedule 13G/A amendment.

What is the key ownership structure disclosed for ADAC shares?

The filing shows 0 shares with sole voting or dispositive power and 1,000,000 shares with shared voting and dispositive power. This means decisions regarding voting and disposition of these American Drive Acquisition Co shares are made jointly by the reporting entities.

What is the event date for the ADAC ownership reported here?

The date of the event requiring this ownership disclosure is December 31, 2025. As of that date, MMCAP International Inc. SPC and Asset Management Inc. together held a 4.4% beneficial ownership stake in American Drive Acquisition Co’s Class A Ordinary Shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/13/2026 - 09:04 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

American Drive Acquisition Co

(Name of Issuer)

Class A Ordinary Shares

(Title of Class of Securities)

G0R91M121

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G0R91M121

1

Names of Reporting Persons

MMCAP International Inc. SPC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. G0R91M121

1

Names of Reporting Persons

MM Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: American Drive Acquisition Co
(b)	Address of issuer's principal executive offices: 1050 Connecticut Avenue N.W., Suite 500, Washington D.C. 20036
Item 2.
(a)	Name of person filing: i) MMCAP International Inc. SPC ii) MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: i) c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P. O. Box 1348, Grand Cayman KY1-1108, Cayman Islands ii) 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, Ontario M5J 2S1 Canada
(c)	Citizenship: i) Cayman Islands ii) Ontario, Canada
(d)	Title of class of securities: Class A Ordinary Shares
(e)	CUSIP No.: G0R91M121
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,000,000
(b)	Percent of class: 4.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,000,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,000,000
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MMCAP International Inc. SPC

Signature:	Ulla Vestergaard
Name/Title:	Director
Date:	02/12/2026

MM Asset Management Inc.

Signature:	Hillel Meltz
Name/Title:	President
Date:	02/12/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement