May Mobility is going public

Autonomous vehicle company May Mobility and ACP Holdings Acquisition Corp., a publicly traded special purpose acquisition company, have entered into a definitive business combination agreement. The transaction is expected to position May Mobility as the first U.S. publicly listed pure-play autonomous ride-hail technology company. The business combination implies a pro forma enterprise value of approximately $1.4 billion. The transaction is expected to deliver gross proceeds of up to $337 million, subject to redemptions by ACP Holdings’ public stockholders.

May Mobility has completed more than 550,000 commercial autonomous rides across 1.1 million miles in the United States and Japan. The company generated ~$10 million in revenue in 2025 with a 27% gross margin. Its cash burn in 2025 totaled ~$93 million.

Since inception in 2017, May Mobility has raised ~$445 million and some of its backers include State Farm Ventures, Tokio Marine, and Aioi Nissay Dowa Insurance.

“We started May Mobility because getting around a city shouldn’t cost people their time, their safety or their freedom. Becoming a public company is how we bring that within reach for more people, faster. By partnering with the best companies in the world, we can give people a smarter way to move through their cities, at a scale none of us could reach alone.” – Dr. Edwin Olson, CEO and founder of May Mobility.

“Our conviction in May Mobility is grounded in the extensive fundamental and operational work our team has done with the company and in what we believe is a differentiated and capital-efficient approach to autonomous mobility. May Mobility has demonstrated meaningful commercial traction, validation of technology and a robust ecosystem of strategic partners, including Uber, Lyft, Grab and CaoCao. We are pleased to support the company’s next phase of growth through this transaction and the fully committed PIPE secured in connection with the business combination.” – Andrew Mallozzi, Chairman & CEO of ACP Holdings and Founder of Atlas Credit Partners.