Steps
1. Uninstall old version if already installed
brew uninstall --cask xquartz
brew uninstall --cask wine-stable
rm -rf ${HOME}/.wine_adoxx64
2. Install Wine for MacOS M1
brew tap gcenx/wine
brew install --cask --no-quarantine wine-crossover
3. Run EXE file on MacOS
LANG=en_US WINEARCH=win64 WINEPREFIX=${HOME}/.wine_adoxx64 WINEDEBUG=-all wine64 explorer.exe