American Drive Acquisition closes $230M SPAC IPO; $230M placed in trust

American Drive Acquisition Co

IPO of 23,000,000 units at $10.00/unit raised $230,000,000 in gross proceeds.
Private placement of 4,000,000 warrants at $1.50/warrant to sponsor and Cantor Fitzgerald raised $6,000,000.
Net proceeds of $230,000,000 deposited into trust account; 24-month deadline to complete initial business combination.
Underwriters' over-allotment option exercised in full for 3,000,000 additional units.
Audited balance sheet as of December 19, 2025 filed; company has $1.73M cash outside trust.

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