American Drive Acquisition closes $230 million IPO and places proceeds in trust
American Drive Acquisition Company, a blank check company with no operations yet, completed its initial public offering of 23,000,000 units at $10.00 per unit on December 19, 2025, raising $230 million in gross proceeds. The full $230 million was placed in a trust account, and funds will not be released until a business combination is completed or public shares are redeemed.
Key points
- 23,000,000 units sold at $10.00 each, including the full exercise of the 3,000,000-unit over-allotment option
- 4,000,000 private placement warrants sold at $1.50 each for $6 million to Petit Monts LLC and Cantor Fitzgerald & Co.
- $230 million placed in a trust account maintained by Continental Stock Transfer & Trust Company
- If no business combination is completed within 24 months, public shares are to be redeemed; deferred underwriting fee is $9.8 million
The filing
Written by AI on Nov 9, 2026, 11:48 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 29, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.