Key facts
- May Mobility will list on Nasdaq via a $1.4 billion SPAC deal with ACP Holdings Acquisition.
- The deal is expected to generate up to $337 million in gross proceeds.
- A $120 million private investment in public equity (PIPE) is included in the deal.
- May Mobility has completed over 550,000 commercial autonomous rides across 1.1 million miles.
- The company has partnered with Uber, Lyft, and Grab.
Autonomous ride-hailing technology firm May Mobility has agreed to merge with blank-check company ACP Holdings Acquisition in a deal that values the combined entity at $1.4 billion, the companies announced Wednesday. The transaction is expected to provide May Mobility with up to $337 million in gross proceeds, including a $120 million private investment in public equity (PIPE) from institutional and strategic investors. This SPAC deal signifies a resurgence in the use of special purpose acquisition companies as an alternative route to public markets in the U.S. following a period of subdued activity. May Mobility, founded in 2017, has raised approximately $445 million to date from venture investors and corporate partners. The company has completed over 550,000 commercial autonomous rides across 1.1 million miles in the U.S. and Japan and has established partnerships with industry giants such as Uber, Lyft, and Grab. Upon completion of the deal, May Mobility is expected to be listed on the Nasdaq under the ticker symbol "MAY".