May Mobility to go public via SPAC deal at $1.4B valuation

May Mobility, the Ann Arbor-based autonomous vehicle company, is taking the SPAC route to Wall Street. The firm announced a business combination agreement with ACP Holdings Acquisition Corp that values the combined entity at a pro forma enterprise value of roughly $1.4 billion. If the deal closes as expected by year-end 2026, May Mobility will become the first pure-play autonomous ride-hail technology company to trade publicly in the US. The new entity will operate under May Mobility, Inc. and list on Nasdaq with the ticker symbol “MAY.” The deal mechanics The transaction is structured to generate up to $337 million in gross proceeds. That capital comes from two sources: approximately $217 million sitting in the SPAC trust and a $120 million committed Private Investment in Public Equity, or PIPE, from institutional investors. The merger remains subject to regulatory approval and customary closing conditions. May Mobility has raised over $300 million in private funding to date. What May Mobility actually does Founded in 2017, May Mobility builds the software and systems that power autonomous ride-hail vehicles. The company has logged more than 550,000 commercial autonomous rides cov...