May Mobility, a developer of autonomous ride-hailing software and systems, has entered into a merger agreement with ACP Holdings Acquisition Corp. The transaction values the combined company at approximately $1.4 billion and is expected to close by the end of 2026.
The deal is structured to raise up to $337 million in gross proceeds. This includes $217 million from the SPAC trust and $120 million through a private investment in public equity (PIPE) from institutional investors.
Upon completion, the company will operate as May Mobility, Inc. and list on the Nasdaq exchange under the ticker symbol MAY. This will mark the first public listing for a company focused exclusively on autonomous ride-hailing technology in the US.
Founded in 2017, the firm has previously secured over $300 million in private funding. To date, the company has completed more than 550 000 commercial autonomous rides, covering a total distance exceeding 1.1 million miles.
The company reported revenue of approximately $10 million in 2025 with a 27% gross margin. Its current partners include Toyota, Lyft, Uber, Grab, and NTT. A recent agreement with ECARX aims to reduce operational costs by 50% by 2028.
