EVwire brief: May Mobility is going public through a business combination with ACP Holdings Acquisition Corp., a deal that values the combined company at an implied pro forma enterprise value of about $1.4 billion.
The combined company is expected to list on the Nasdaq as "May Mobility, Inc." under the ticker MAY, making May Mobility the first U.S. publicly listed pure-play autonomous ride-hail technology company.
The deal could bring in up to $337 million in gross proceeds, including a fully committed $120 million PIPE from institutional and strategic investors, and is expected to close by year-end pending shareholder and Nasdaq approval.
May Mobility Chief Commercial Officer Manik Dhar shared the update on LinkedIn:
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May Mobility founder and CEO Edwin Olson described the public listing as a way to accelerate the company's ambitions:
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.
Andrew Mallozzi, Chairman and CEO of ACP Holdings and founder of Atlas Credit Partners, credited May Mobility's existing commercial partnerships for backing the deal:
Our conviction in May Mobility is grounded in the extensive fundamental and operational work our team has done with the company. […] May Mobility has demonstrated meaningful commercial traction, validation of technology and a robust ecosystem of strategic partners, including Uber, Lyft, Grab and CaoCao.
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Source: May Mobility
Of the $337 million in gross proceeds, up to $217 million would come from ACP Holdings' trust account, subject to shareholder redemptions, with the $120 million PIPE co-anchored by an affiliate of Atlas Credit Partners. Cantor Fitzgerald is advising ACP Holdings on the deal, and Latham & Watkins is representing May Mobility.
Here's what May Mobility disclosed about its business heading into the deal:
2025 revenue: approximately $10 million, at a 27% gross margin
2025 cash burn: approximately $93 million
Total capital raised since 2017 founding: approximately $445 million
Commercial rides to date: more than 550,000, across 1.1 million miles in the U.S. and Japan, including three driver-out deployments
Target long-term margins: up to 70% gross margin and up to 30% EBIT margin, a profile the company compares to software rather than a typical mobility operator
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Context:
May Mobility has spent years building the partnership network its SPAC pitch leans on. Toyota supplies the autonomy-ready Sienna and e-Palette platforms in its fleet, and ECARX handles hardware integration. On the ride-hail side, Uber has been signing on AV partners like May Mobility for over a year, Lyft carries May Mobility's fleet in Atlanta, and Grab and CaoCao extend the model into Southeast Asia and Europe, respectively.
Commercially, May Mobility currently runs paid rides with Lyft in Atlanta and separate autonomous ride services in Eden Prairie and Grand Rapids, both listed by the company as Minnesota locations, with an Uber launch targeted for Arlington, Texas, in Q4 2026 or Q1 2027. A six-month on-demand pilot with NTT launched this month in Nagoya, Japan.
Source: May Mobility's press release
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