May Mobility to List on Nasdaq via $1.4 Billion SPAC Deal
The deal is expected to generate up to $337 million in gross proceeds, including a fully committed $120 million PIPE.
- On Wednesday, May Mobility agreed to go public through a $1.4 billion merger with blank-check firm ACP Holdings Acquisition, with the combined entity set to trade on the Nasdaq under ticker symbol 'MAY'.
- Founded in 2017, the Ann Arbor, Michigan-based May Mobility operates an 'Autonomy-as-a-Service' model, partnering with Toyota Motor Corporation, Uber, Lyft, and Grab to deploy autonomous fleets without owning vehicles.
- The transaction is expected to generate up to $337 million in gross proceeds, comprising a fully committed $120 million private investment in public equity from institutional investors and up to $217 million from ACP's trust account.
- May Mobility generated about $10 million in revenue last year with a 27% gross margin while burning about $93 million in cash; proceeds will fund R&D for removing safety drivers and supply chain cost reductions.
- Commercial launches in Arlington, Texas, with Uber are targeted for early 2027, following a recent trial deployment in Japan, positioning May Mobility as a test of market appetite for pure-play robotaxi ventures.
13 Articles
13 Articles
May Mobility in Ann Arbor to Go Public After Combination with Texas Company
May Mobility Inc., the Ann Arbor-based global autonomous vehicle technology company, has joined forces with ACP Holdings Acquisition Corp. in Houston, Texas, an alliance that ultimately will position May as the first U.S. publicly listed pure-play autonomous ride-hail technology company.
May Mobility agrees $1.4B SPAC deal, bets on asset-light robotaxi model
May Mobility has agreed to combine with ACP Holdings Acquisition Corp. in a proposed transaction that implies a pro forma enterprise value of about $1.4 billion. The autonomous-vehicle company would become publicly listed only if the deal closes, bringing a comparatively asset-light robotaxi strategy into the public market.
May Mobility to Become the First U.S. Publicly Listed Pure-Play Autonomous Ride-Hail Technology Company Through a Business Combination with ACP Holdings Acquisition Corp.
The business combination implies a pro forma enterprise value of approximately $1.4 billion for May Mobility Fully committed private investment in public...
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