May Mobility, a developer of autonomous vehicle technology, is set to become a publicly traded company through a merger with ACP Holdings Acquisition Corp. The deal values the business at $1.4 billion and is expected to raise over $300 million in capital.
The transaction includes a $120 million private investment in public equity and up to $217 million from a trust account held by the SPAC. However, the final amount may fluctuate depending on how many shareholders choose to redeem their stock during the merger process.
Founded in 2017, the company operates an asset-light model, selling autonomous vehicles to fleet partners while retaining control over software and remote supervision. It generates revenue through fixed fees or per-trip licensing arrangements.
Last year, the company reported revenue of approximately $10 million against a cash burn of $93 million. To date, it has provided over 550 000 paid rides across more than 1 million miles in locations including Atlanta, Eden Prairie, and Grand Rapids.
Proceeds from the deal will be directed toward research and development, specifically the removal of safety drivers, and supply chain investments to lower production costs. The company also plans to launch commercial operations in Arlington, Texas, with Uber.
