American Drive Acquisition completes $230M IPO; trust funded with $230M

American Drive Acquisition Co

IPO of 23M units at $10/unit raised $230M gross; full over-allotment exercised.
Private placement of 4M warrants at $1.50 to sponsor and Cantor raised $6M gross.
Trust account funded with $230M; audited balance sheet shows $231.7M total assets.
Transaction costs $14.4M; working capital outside trust $1.33M as of IPO date.
Company has 24 months to complete business combination; focus on defense, logistics, technology.

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