Summary · why it matters
Autonomous vehicle company May Mobility is merging with a special purpose acquisition company and will become publicly traded, a deal that could raise more than $300 million at a valuation of $1.4 billion. May Mobility said Wednesday the merger is with ACP Holdings Acquisition Corp., a SPAC established by Houston, Texas-based investment management company Atlas Credit Partners. The transaction will involve a $120 million private investment in public equity, plus up to $217 million from a trust account maintained by ACP Holdings, though SPAC shareholders may redeem their stock at the time of the merger and reduce the amount going to May Mobility. Once the merger is complete, May Mobility said it will be the first public company in the U.S. focused entirely on autonomous ride-hailing vehicles, setting it apart from Tesla, Rivian, Alphabet's Waymo, and trucking-focused Aurora and Kodiak. Founded in 2017, May Mobility operates autonomous Toyota Siennas in three U.S. locations, has a partnership with Lyft in Atlanta, and offers rides in Eden Prairie and Grand Rapids, Minnesota; it generated around $10 million in revenue last year with a cash burn of around $93 million, has offered more than 550,000 paid autonomous rides covering more than 1 million miles, recently began its first trial deployment in Japan, and plans commercial launches in Arlington, Texas, with Uber at the end of this year or in early 2027. May Mobility said it will use the proceeds for research and development, especially around removing its safety drivers, supply chain investments to reduce bill-of-materials costs, and new geographic deployments it expects to announce later this year.
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