American Drive Acquisition Co (ADAC) Form 10-Q — May 15, 2026
American Drive Acquisition Company reported net income of $970,782 for the quarter ended March 31, 2026, driven primarily by $2.02 million in interest earned on its trust account, which offset $1.05 million in general and administrative expenses. The company holds $232.25 million in marketable securities within its trust account and $994,167 in cash outside the trust, maintaining a working capital surplus of $205,742. Management disclosed substantial doubt about its ability to continue as a going concern, noting it lacks sufficient liquidity to sustain operations for a reasonable period without completing a business combination by December 19, 2027.
Key figures
- Eps
- 0.03
- Net Income
- 970782
- Total Assets
- 233458818
- Cash Position
- 994167
- Interest Income Trust
- 2024440
- Trust Account Balance
- 232253661
- Working Capital Surplus
- 205742
- Class AShares Outstanding
- 23000000
- Class BShares Outstanding
- 5750000
- Deferred Underwriting Fee
- 9800000
- Public Warrants Outstanding
- 7666666
- General And Administrative Expenses
- 1053658
- Private Placement Warrants Outstanding
- 4000000
Price after filing
Close on the filing date to close N calendar days later (from $9.93). Historical, not a forecast.
AI analysis
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