May Mobility to go public via SPAC merger with ACP Holdings, targeting Nasdaq listing as MAY
May Mobility plans to become the first U.S. publicly listed pure-play autonomous ride-hail technology company through a SPAC merger that implies a $1.4 billion enterprise value.
- approximately $1.4 billion
- up to $337 million
- $120 million
- more than 550,000
What Happened
May Mobility, a global autonomous vehicle technology company based in Ann Arbor, Michigan, and ACP Holdings Acquisition Corp., a publicly traded special purpose acquisition company, have entered into a definitive business combination agreement. The transaction is expected to position May Mobility as the first U.S. publicly listed pure-play autonomous ride-hail technology company. It implies a pro forma enterprise value of approximately $1.4 billion and is expected to deliver gross proceeds of up to $337 million, subject to redemptions by ACP Holdings' public stockholders. Upon closing, the combined company is expected to operate as May Mobility, Inc. and list on the Nasdaq Stock Market under the ticker symbol MAY. The boards of both companies unanimously approved the deal, which is expected to close by year-end subject to customary conditions, including shareholder approvals and approval of the Nasdaq listing.
May Mobility is founded; since inception it has raised approximately $445 million from venture investors, strategic corporate partners and financial investors.
The company generates approximately $10 million in revenue at a 27% gross margin and burns roughly $93 million in cash; Grab's partnership with and investment in May Mobility is announced.
A six-month on-demand autonomous vehicle pilot with NTT Mobility launches in Nagoya, Japan.
May Mobility and ACP Holdings announce the business combination and publish an investor presentation at maymobility.com/investors.
The transaction is expected to close, subject to approval by shareholders of both companies and approval of the combined company's Nasdaq listing.
- Atlanta, Georgia: commercial autonomous ride services with Lyft.
- Eden Prairie, Minnesota: autonomous ride services.
- Grand Rapids, Minnesota: autonomous ride services.
- Arlington, Texas: targeting commercial operations with Uber in Q4 2026 or Q1 2027.
- Nagoya, Japan: six-month on-demand AV pilot with NTT Mobility launched in September 2026.
- More than 550,000 commercial autonomous rides across 1.1 million miles in the United States and Japan, including three driver-out deployments.
- 27%
- up to 70%
- up to 30%
May Mobility describes its autonomous driving system as a form of physical AI built on a multi-policy reasoning architecture, distinct from modular or pure end-to-end stacks. A world model distills physics, the rules of the road and driving culture, running on-vehicle simulations of up to thousands of possible futures every second without needing massive training datasets, while competing deep-learned and reasoning-based strategies vie to control the vehicle and any action failing safety parameters is rejected. Because each decision follows an explicit, scored policy, the company says its behaviors are auditable — a property it calls critical to demonstrating AV safety over the long term — and the approach is designed to allow deployment in new cities without the millions of miles of training data conventional AV systems have required. Under its asset-light Autonomy-as-a-Service model, fleet operating partners take on vehicle ownership, depot operations and maintenance costs while May Mobility delivers the autonomy, earning fixed fees or per-trip licensing fees. May Mobility says its partners span vehicle manufacturers, ride-hail platforms and fleet owners and operators, including Uber, Lyft, Grab and CaoCao — making it the only autonomous vehicle company partnered with four of the world's leading ride-hailing platforms — as well as Toyota Motor Corporation and NTT.
“We started May Mobility because getting around a city shouldn't cost people their time, their safety or their freedom. Becoming a public company is how we bring that within reach for more people, faster. By partnering with the best companies in the world, we can give people a smarter way to move through their cities, at a scale none of us could reach alone.”
“Our conviction in May Mobility is grounded in the extensive fundamental and operational work our team has done with the company and in what we believe is a differentiated and capital-efficient approach to autonomous mobility. May Mobility has demonstrated meaningful commercial traction, validation of technology and a robust ecosystem of strategic partners, including Uber, Lyft, Grab and CaoCao. We are pleased to support the company's next phase of growth through this transaction and the fully committed PIPE secured in connection with the business combination.”
Why this matters
May Mobility says the deal would make it the first U.S. publicly listed pure-play autonomous ride-hail technology company, giving public investors a direct way to back the business. Expected gross proceeds of up to $337 million would fund more R&D, supply chain work and new deployments.
Terms in This Story
- SPAC
- A special purpose acquisition company: a publicly traded shell company formed to raise money and combine with a private business, taking that business public.
- PIPE
- Private investment in public equity: new shares sold to investors, often institutional, to raise money alongside a deal that takes a company public.
- driver-out
- Autonomous operation with no human safety driver inside the vehicle, as opposed to a test with a person monitoring or taking control.
- Autonomy-as-a-Service
- A model in which a technology company supplies the autonomous driving system to fleet operators, which own and run the vehicles.
Summarised from the linked release; details can be imperfect — always verify against the original source.