May Mobility Announces $1.4 Billion SPAC Deal for Public Listing
Autonomous vehicle company May Mobility is set to go public through a merger with the special purpose acquisition company (SPAC) ACP Holdings Acquisition Corp., in a deal valued at $1.4 billion. The transaction could raise over $300 million, positioning May as the first U.S.-based pure-play autonomous ride-hailing company on the stock market. Unlike competitors such as Tesla and Waymo, May's model focuses on an asset-light approach by licensing its technology to fleet partners rather than operating vehicles directly. Founded in 2017, May Mobility currently operates Toyota Siennas in several U.S. locations with partnerships including Lyft and plans for expansion into Texas via Uber later this year or early next. The company reported $10 million in revenue last year but burned approximately $93 million in cash. It has delivered over half a million autonomous rides to date. The SPAC merger includes a private investment of up to $217 million, though the final amount may vary based on shareholder redemptions. May plans to use proceeds for R&D and supply chain improvements aimed at reducing costs.
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Topics: autonomous vehicles public listing robotaxi SPAC merger