May Mobility Announces $1.4B SPAC Deal to Go Public
Autonomous vehicle company May Mobility is set to become a publicly traded entity via a merger with the special purpose acquisition company (SPAC) ACP Holdings Acquisition Corp., valued at $1.4 billion. The deal could raise over $300 million for May Mobility, positioning it as the first U.S.-based public company focused exclusively on autonomous ride-hailing vehicles. Unlike competitors such as Tesla and Waymo, May Mobility’s model is asset-light, involving partnerships with fleet operators rather than direct ownership of robotaxis. Founded in 2017, May Mobility currently operates Toyota Siennas in several U.S. locations and generated $10 million in revenue last year despite a cash burn rate of around $93 million. The company plans to use the SPAC proceeds for R&D focused on removing safety drivers and reducing costs through supply chain improvements. It also aims to expand geographically, with new deployments expected later this year. The merger includes a $120 million private investment in public equity (PIPE) transaction and up to $217 million from ACP Holdings’ trust account. However, SPAC shareholders may redeem their stock before the deal closes, potentially reducing funds available for May Mobility.
