May Mobility to List on Nasdaq via $1.4B ACP SPAC Deal

May Mobility, the Ann Arbor autonomous-vehicle startup, will merge with ACP Holdings Acquisition Corp. at a $1.4 billion pro forma enterprise value and list on Nasdaq under the ticker "MAY," TechCrunch reported. Both boards have unanimously approved the combination, with a target close by year-end.

The gross proceeds could reach $337 million: up to $217 million from ACP's trust, assuming no shareholder redemptions, plus a $120 million fully committed PIPE that an Atlas Credit Partners affiliate is co-anchoring. Once closed, May Mobility said it will be "the first public company in the U.S. that is focused entirely on autonomous ride-hailing vehicles."

"We started May Mobility because getting around a city shouldn't cost people their time, their safety or their freedom," said Dr. Edwin Olson, the company's chief executive. The commercial pitch is "Autonomy-as-a-Service": licensing the stack to fleet partners rather than owning and running the robotaxis itself.

The numbers underneath the header valuation are less flattering. May Mobility posted roughly $10 million in 2025 revenue at a 27% gross margin, against about $93 million in cash consumption. It has run more than 550,000 paid autonomous rides across 1.1 million miles, using Toyota Siennas in Eden Prairie and Grand Rapids, Minnesota, plus Atlanta with Lyft. A commercial launch with Uber in Arlington, Texas is planned.

The company said the proceeds will fund R&D and industrialization to extend the driver-out operational domain, supply-chain work to cut bill-of-materials costs, and new US and global deployments. It lands in a run of autonomous-vehicle coverage we've been tracking this quarter, from Zoox's San Francisco push to Lyft turning on Waymo matching in Nashville.