Key facts
- May Mobility will list on Nasdaq via a $1.4 billion SPAC deal with ACP Holdings Acquisition.
- The deal could raise more than $300 million for May Mobility.
- May Mobility has completed over 550,000 commercial autonomous rides across 1.1 million miles.
- The company has partnered with Lyft in Atlanta and plans commercial launches with Uber in Arlington, Texas.
Autonomous ride-hailing company May Mobility announced Wednesday it will merge with special purpose acquisition company ACP Holdings Acquisition, a deal that values the combined entity at $1.4 billion. The transaction is expected to provide May Mobility with more than $300 million in gross proceeds, including a $120 million private investment in public equity (PIPE). This move aims to differentiate May Mobility from other public companies in the autonomy space by focusing entirely on robotaxi ventures. The company's "asset-light" and "partnership-first" approach involves selling autonomous vehicles to fleet partners and receiving fixed or per-trip licensing fees. Founded in 2017, May Mobility has completed over 550,000 paid autonomous rides covering more than 1 million miles in the U.S. and Japan, with existing partnerships including Lyft in Atlanta and planned commercial launches with Uber in Arlington, Texas. The company plans to use the proceeds for research and development, particularly for removing safety drivers, and for supply chain investments to reduce costs.