American Drive Acquisition Company filed its Form 10-Q for the quarter ended September 30, 2026 with the SEC on November 13, 2026, reporting financial results for the three and nine months ended September 30, 2026.

Key Highlights

  • Trust Account balance: Marketable securities held in the Trust Account totaled $236,450,412 as of September 30, 2026, up from $230,229,221 at December 31, 2025.
  • Net income for the quarter: The company reported net income of $1,911,842 for the three months ended September 30, 2026, driven by $2,140,975 in interest earned on Trust Account securities.
  • Nine-month net income: Net income for the nine months ended September 30, 2026 was $4,267,562, against general and administrative fees of $1,953,629.
  • Shares outstanding: As of November 13, 2026, there were 23,000,000 Class A ordinary shares and 5,750,000 Class B ordinary shares issued and outstanding.
  • Redemption value: Class A ordinary shares subject to possible redemption were carried at $10.27 per share as of September 30, 2026, compared to $10.00 per share at December 31, 2025.
  • Shareholders' deficit: Total shareholders' deficit was $(10,245,904) as of September 30, 2026, reflecting an accumulated deficit of $(10,246,479).
  • Shell company status: The registrant indicated it is a shell company as defined in Rule 12b-2 of the Exchange Act.

American Drive Acquisition Company's Financial Position After Nine Months of Operations

According to the filing, American Drive Acquisition Company (NASDAQ:ADAC) reported total assets of $237,274,347 as of September 30, 2026, compared to $231,646,618 at December 31, 2025. The increase was primarily attributable to growth in marketable securities held in the Trust Account, which rose to $236,450,412 from $230,229,221. Cash on hand declined to $696,517 from $1,414,047 over the same period, the company disclosed.

The filing reported that total liabilities stood at $11,269,839 as of September 30, 2026, including a deferred underwriting fee of $9,800,000 and accounts payable and accrued expenses of $1,394,839. The 23,000,000 Class A ordinary shares subject to possible redemption were carried at an aggregate redemption value of $236,250,412, or $10.27 per share, as of September 30, 2026. For the three months ended September 30, 2026, general and administrative fees were $229,133, and interest earned on Trust Account securities was $2,140,975, resulting in net income of $1,911,842, according to the filing.

The company disclosed that its Initial Public Offering closed on December 19, 2025, at which time the underwriters exercised their over-allotment option in full, meaning the 750,000 founder shares previously subject to forfeiture are no longer subject to that condition. The company is incorporated in the Cayman Islands and is classified as a non-accelerated filer, smaller reporting company, and emerging growth company. It also confirmed it is a shell company under Rule 12b-2 of the Exchange Act.

What Was Disclosed

American Drive Acquisition Company disclosed its unaudited financial statements for the quarter and nine months ended September 30, 2026, showing Trust Account growth, positive net income for both periods, an accumulated deficit of $(10,246,479), and 28,750,000 total ordinary shares outstanding.