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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.