American Drive Acquisition said late Wednesday it has priced its initial public offering of 20 million units at $10 per unit.

Each unit has one class A ordinary share and one-third of one redeemable warrant of the company, American Drive said, adding that each warrant offers the holder to acquire one class A ordinary share at $11.50 apiece.

Underwriters have been granted a 45-day option to purchase up to an additional 3 million units.

The company expects its class A ordinary shares and warrants to trade on Nasdaq under the "ADAC" and "ADACW" tickers, respectively, it said.

The blank-check firm intends to close the offering on Friday.