Appleby Advises American Drive Acquisition Company in Its USD 230M Initial Public Offering
Appleby is pleased to announce that it acted as Cayman Islands legal counsel to American Drive Acquisition Company (American Drive) in connection with the closing of its initial public offering (IPO) of 23,000,000 units at a price of $10.00 per unit on December 18, 2025, which included the exercise in full by the underwriters of the overallotment option to purchase an additional 3,000,000 units, resulting in gross proceeds of $230,000,000.
The units began trading on the Nasdaq Global Market under the ticker symbol “ADACU” on December 18, 2025. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant of the company, with each whole warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share. American Drive expects that its Class A ordinary shares and warrants will be listed on the Nasdaq Global Market under the symbols “ADAC” and “ADACW,” respectively.
Appleby advised on all Cayman Islands legal aspects of the transaction, further strengthening its proven track record and consistently demonstrating deep expertise in IPOs and capital markets regulation.
The Appleby Capital Markets team was led by Counsel Alexandra Low, with Partner Simon Raftopoulos, Paralegal Sophia Cunningham and other members of the corporate team.
Appleby continues to play a key role in major IPO and public-market matters worldwide.
