The Pulse
May Mobility agrees to go public in $1.4B SPAC deal
May Mobility has agreed to merge with ACP Holdings Acquisition Corp. in a transaction valuing the autonomous ride-hail company at about $1.4 billion. The deal could provide up to $337 million in gross proceeds and put May Mobility on Nasdaq
AI.info Team ·
“Becoming a public company is how we bring that within reach for more people, faster.”
Dr. Edwin Olson, CEO and founder of May Mobility
May Mobility agrees to merge with blank-check company ACP Holdings Acquisition Corp. in a transaction that values the autonomous ride-hail technology company at approximately $1.4 billion, the companies announce September 16, 2026.
The deal could deliver up to $337 million in gross proceeds, subject to redemptions by ACP Holdings’ public shareholders. May Mobility says the combined company will operate as May Mobility, Inc., with a planned Nasdaq listing under the ticker symbol “MAY.” The transaction is expected to close by the end of 2026 if shareholders approve it and the parties satisfy other closing conditions.
A $120 Million PIPE Anchors the Transaction
The proposed business combination includes a fully committed $120 million private investment in public equity, or PIPE, from institutional and strategic investors. ACP Holdings’ trust account could contribute as much as $217 million, although the final amount depends on how many public shareholders redeem their shares before closing.
May Mobility plans to use the proceeds for research and development, industrialization, supply-chain investments, new deployments in the United States and overseas, and working capital. The company and ACP Holdings say their boards have unanimously approved the transaction.
ACP Holdings is affiliated with Atlas Credit Partners. Andrew Mallozzi, chairman and CEO of ACP Holdings and founder of Atlas Credit Partners, says the investment case rests on May Mobility’s commercial operations, partnerships and approach to deploying autonomous technology.
“May Mobility has demonstrated meaningful commercial traction, validation of technology and a robust ecosystem of strategic partners, including Uber, Lyft, Grab and CaoCao,” Mallozzi says in the announcement.
May Mobility Has Logged 550,000 Commercial Rides
May Mobility says it has completed more than 550,000 commercial autonomous rides across 1.1 million miles in the United States and Japan. The company has made three driver-out launches in the United States, meaning its vehicles operate commercially without a safety driver inside.
Commercial service currently operates in three U.S. locations: Atlanta, where May works with Lyft, and Eden Prairie and Grand Rapids, Minnesota. The company is targeting a commercial launch with Uber in Arlington, Texas, during the fourth quarter of 2026 or the first quarter of 2027.
In Japan, May Mobility and NTT Mobility launched a six-month on-demand autonomous-vehicle pilot in Nagoya in September. May also identifies Toyota as its primary original-equipment-manufacturer partner, supplying autonomy-ready Sienna and e-Palette vehicle platforms.
The Company Sells Autonomy Rather Than Operating Fleets
May Mobility is presenting public investors with an asset-light model that differs from autonomous ride-hail companies that own and operate large vehicle fleets. Under its Autonomy-as-a-Service strategy, fleet partners take responsibility for vehicle ownership, depots and maintenance, while May supplies the autonomous-driving technology.
The company says it receives fixed fees or per-trip licensing fees from ride-hail partners. May’s long-term targets call for gross margins of up to 70% and earnings before interest and taxes margins of as much as 30%, figures that would give the business economics closer to a software company than a conventional transportation operator.
May has signed partnerships with Uber, Lyft, Grab and CaoCao. Grab’s agreement includes investment, technology collaboration and expansion in Southeast Asia, while CaoCao is working with May on autonomous-vehicle deployments in Europe and other international markets.
Revenue Is Early, and Cash Use Is High
May Mobility generated approximately $10 million in revenue in 2025, with a 27% gross margin, according to the transaction announcement. The company’s cash burn totaled approximately $93 million that year as it expanded into new markets and continued developing its autonomous-driving technology.
May says it has raised approximately $445 million since its founding in 2017 from venture investors, corporate partners and financial investors. The proposed public-market transaction therefore arrives while the company is still moving from pilot and early commercial operations toward larger deployments.
Its technical pitch centers on a multi-policy reasoning architecture. May says its system uses a world model to simulate thousands of possible futures each second and assess multiple driving strategies against safety parameters. The company argues that approach can reduce the amount of city-specific training data required before entering a new market, although the announcement describes that benefit as a design goal rather than a guaranteed result.
Closing Depends on Shareholder Votes and Redemptions
The transaction is not yet complete. ACP Holdings and May Mobility must obtain shareholder approvals, satisfy customary closing requirements and secure Nasdaq approval for the combined company’s listing. The amount of cash May ultimately receives will also depend on the level of redemptions by ACP Holdings shareholders.
The companies say they intend to file a registration statement on Form S-4 with the U.S. Securities and Exchange Commission. That filing will include a preliminary proxy statement and prospectus with additional information about the proposed merger, the securities to be issued and the risks facing the combined company.
For now, the agreement gives May Mobility a route to public markets and a proposed ticker, but not yet a completed listing. The company’s next financial test will be whether its partnership-led model can turn 550,000 completed rides into sustained revenue while reducing its dependence on outside capital.