American Drive Acquisition Company, a Cayman Islands-based SPAC, reported results for the quarter ended June 30, 2026. Total assets were $235.3 million, including $234.3 million of marketable securities in the Trust Account and $845,197 of cash outside the trust.
The company generated net income of $1.38 million for the quarter and $2.36 million for the six months, driven by $2.06 million and $4.08 million of interest income on Trust investments, offset by general and administrative expenses. All 23,000,000 Class A public shares are classified as redeemable at $10.18 per share. Management discloses a working capital deficit of $448,137 and states that limited liquidity and the need to complete a business combination by December 19, 2027 raise substantial doubt about the company’s ability to continue as a going concern.
American Drive Acquisition Company reported net income of $970,782 for the quarter ended March 31, 2026, driven by $2,024,440 of interest on funds held in its SPAC trust. General and administrative costs were $1,053,658, reflecting ongoing public-company and deal-search expenses.
The company held $232,253,661 of marketable securities in its Trust Account and cash of $994,167 outside the trust, with a working capital surplus of $205,742. Management discloses substantial doubt about the company’s ability to continue as a going concern if it cannot complete a business combination by December 19, 2027, the end of its completion window.
Petit Monts LLC has filed a Schedule 13G reporting beneficial ownership of 8,316,667 Class A ordinary shares of American Drive Acquisition Company. This represents 25.39% of the Class A shares, based on the company’s outstanding and issuable share figures.
The position reflects shares acquirable through a combination of Class B ordinary shares and private placement warrants with a strike price of $11.50 per share. Petit Monts LLC reports sole voting and dispositive power over these securities, while a board of managers controls the sponsor by majority vote so no individual manager has sole control.
Adage Capital Management and its principals reported a 5.43% passive stake in American Drive Acquisition Co. They beneficially own 1,250,000 Class A ordinary shares, with shared voting and dispositive power and no sole authority over the stock.
The filing is on behalf of Adage Capital Management, L.P., and managing members Robert Atchinson and Phillip Gross, who report ownership through Adage Capital Partners, L.P. The percentage is based on 23,000,000 Class A shares outstanding after the company’s offering and full exercise of the underwriters’ over-allotment option.
Petit Monts LLC, a 10% owner of American Drive Acquisition Co, reported an insider sale of Class B ordinary shares. On February 6, 2026, it sold 25,000 Class B shares to Nitin Kumar for $108.70, or about $0.004 per share, in connection with his appointment to the board.
After this sale, Petit Monts LLC beneficially owns 5,650,000 Class B ordinary shares. These Class B shares have no expiration date and automatically convert into Class A ordinary shares on a one-for-one basis at the time of the company’s initial business combination, or earlier at the holder’s option.
American Drive Acquisition Co director Nitin Kumar disclosed his initial ownership of derivative securities linked to the company. He beneficially owns Class B ordinary shares that are directly held and are convertible into Class A ordinary shares.
The filing shows 25,000 Class A ordinary shares underlying these Class B ordinary shares. According to the terms, the Class B shares have no expiration date and will automatically convert to Class A shares at the time of the company’s initial business combination, or earlier at the holder’s option, on a one-for-one basis, subject to adjustment described in the company’s registration statement.
American Drive Acquisition Company reported two main developments. The board of directors increased its size from five to six members and appointed Nitin Kumar as a Class I director, to serve until the first annual shareholder meeting or until a successor is elected and qualified.
The company also announced that, beginning February 9, 2026, holders of its units may separately trade the Class A ordinary shares and redeemable warrants included in those units. Each unit consists of one Class A ordinary share and one-third of one warrant, with separated securities trading on Nasdaq under the symbols ADAC for the shares and ADACW for the warrants, while units continue under ADACU. Only whole warrants will trade.
American Drive Acquisition Company, a newly formed SPAC, filed its first quarterly report covering inception on July 15, 2025 through September 30, 2025. The company reported a net loss of $31,329, driven by general and administrative costs, and ended the period with $1,873 in cash and a working capital deficit of $129,065.
Subsequently, on December 19, 2025, it completed an IPO of 23,000,000 units at $10.00 each, placing $230,000,000 into a trust account and issuing 4,000,000 private placement warrants for $6,000,000. Total transaction costs were $14,382,754. The SPAC now has funds to pursue a business combination focused on U.S. defense, logistics, transportation, technology and AI sectors within a 24‑month completion window.
American Drive Acquisition Company filed an amended current report to correct its earlier disclosure by adding an audit opinion signature to an exhibit. The filing also confirms that on December 19, 2025, the company completed its initial public offering of 23,000,000 units, each consisting of one Class A ordinary share and one-third of a redeemable warrant, at $10.00 per unit, for gross proceeds of $230,000,000. At the same time, it sold 4,000,000 private placement warrants at $1.50 per warrant to its sponsor and Cantor Fitzgerald & Co., generating an additional $6,000,000. A total of $230,000,000 from these transactions was deposited into a U.S.-based trust account, and an audited balance sheet as of December 19, 2025 has been issued as an exhibit.