May Mobility Goes Public Through $1.4 Billion SPAC Merger

Autonomous vehicle company May Mobility is going public through a merger with special purpose acquisition company ACP Holdings Acquisition Corp. in a deal that values the company at $1.4 billion.

The transaction could provide May Mobility with more than $300 million in funding and make it the first US publicly listed company focused entirely on autonomous ride-hailing vehicles, according to the company’s announcement.

May Mobility’s robotaxi business model

Unlike some autonomous vehicle companies that operate their own fleets, May Mobility uses a partnership-focused approach. The company provides autonomous technology to fleet partners while managing remote supervision and software updates.

May Mobility generates revenue through fixed fees or per-trip licensing payments rather than owning and operating all vehicles itself.

Expansion plans and funding goals

Founded in 2017, May Mobility currently operates autonomous Toyota Siennas in several US locations, including through a partnership with Lyft in Atlanta and services in Minnesota. The company has provided more than 550,000 paid autonomous rides covering over 1 million miles.

The company said it plans to use merger proceeds to support research and development, including efforts to reduce reliance on safety drivers, improve supply chains, and expand into new markets.

The merger with ACP Holdings Acquisition Corp. includes a $120 million private investment in public equity transaction and potential additional funding from the SPAC trust account. However, shareholder redemptions could reduce the final amount raised.

May Mobility said the deal will help accelerate development of its autonomous ride-hailing technology as it prepares for additional deployments, including planned commercial launches with Uber in Arlington, Texas.