May Mobility will become a publicly traded company through a business combination with ACP Holdings Acquisition Corp. that implies a pro forma enterprise value of approximately $1.4 billion. The Ann Arbor, Michigan-based autonomous vehicle developer and the special purpose acquisition company (Nasdaq: ACGC) have signed a definitive agreement that the companies say would make May Mobility the first U.S. publicly listed pure-play autonomous ride-hail technology company. According to the joint announcement, the transaction is expected to deliver gross proceeds of up to $337 million, subject to redemptions by ACP Holdings’ public stockholders. The combined company is expected to operate as May Mobility, Inc. and trade on Nasdaq under the ticker symbol “MAY.”
Highlights
- Implied pro forma enterprise value of approximately $1.4 billion for May Mobility
- Up to $337 million in gross proceeds, including a fully committed $120 million PIPE and up to $217 million from the ACP Holdings trust account
- More than 550,000 commercial autonomous rides across 1.1 million miles, with three driver-out deployments to date
- 2025 revenue of approximately $10 million at a 27% gross margin, with cash burn of approximately $93 million
Transaction Structure
The combined company is expected to receive up to $337 million in gross proceeds from two sources:
- ACP Holdings trust account: Up to $217 million, subject to redemptions by ACP Holdings’ public shareholders
- PIPE financing: A fully committed $120 million private investment in public equity from institutional and strategic investors, with an affiliate of Atlas Credit Partners co-anchoring
The boards of both May Mobility and ACP Holdings have unanimously approved the proposed business combination. Closing is expected by year-end, subject to customary conditions including shareholder approval at both companies and Nasdaq approval of the combined company’s listing.
May Mobility plans to direct the proceeds toward R&D and industrialization investments to extend its driver-out operational domain, supply chain investments to reduce bill-of-materials costs, new deployments in the United States and internationally, and general working capital.
Where Does May Mobility Operate Today?
The company reports more than 550,000 commercial autonomous rides across 1.1 million miles in the United States and Japan, including three driver-out deployments. May Mobility describes itself as one of a handful of companies to have deployed public driver-out routes across multiple U.S. sites.
Current commercial operations run in three U.S. locations: with Lyft in Atlanta and as autonomous ride services in Eden Prairie and Grand Rapids, Minnesota. The company is targeting the launch of commercial operations with Uber in Arlington, Texas, in the fourth quarter of 2026 or the first quarter of 2027. A six-month on-demand AV pilot with NTT Mobility in Nagoya, Japan, launched in September, and the company says additional deployments will be announced later this year.
Partnership Ecosystem
May Mobility’s Autonomy-as-a-Service strategy relies on a partner network spanning vehicle manufacturers, ride-hail platforms and fleet operators. The company says its partnerships with Uber, Lyft, Grab and CaoCao make it the only autonomous vehicle company partnered with four of the world’s leading ride-hailing platforms.
- Toyota Motor Corporation is the primary OEM partner, supplying autonomy-ready Sienna and e-Palette vehicle platforms.
- Uber and Lyft have each entered multi-year, multi-city partnerships to deploy May Mobility fleets on their U.S. ride-hail platforms.
- Grab has committed to a multi-year strategic partnership covering investment, technology collaboration and commercial expansion into Southeast Asia.
- NTT led the Series D and E financing rounds and holds an exclusive license to operate May Mobility-powered fleets in Japan.
- ECARX serves as hardware integration and engineering partner, which the company says enables bill-of-materials reductions and mass production.
- CaoCao will own and operate May Mobility-powered fleets in Europe and other international markets, with May Mobility supplying the technology.
How Does the Asset-Light Model Work?
Under the Autonomy-as-a-Service model, fleet operating partners assume full responsibility for vehicle ownership, depot operations and maintenance, while May Mobility delivers the autonomy. The company receives either fixed fees or per-trip licensing fees from ride-hail partners.
May Mobility says this structure can reduce capital requirements, expand margins and allow experienced fleet operators to absorb operational complexity. The company is targeting longer-term gross margins of up to 70% and EBIT margins of as much as 30%, a profile it characterizes as closer to software-as-a-service companies than to traditional mobility operators.
Multi-Policy Reasoning Architecture
May Mobility’s autonomous driving system uses a world model that interprets the vehicle’s environment through a distillation of physics, rules of the road and driving culture. According to the company, the world model runs on-vehicle simulations of up to thousands of possible futures every second without requiring massive training datasets.
The system then evaluates multiple deep-learned and reasoning-based strategies that compete to control the vehicle, rejecting any action that fails to meet safety parameters. May Mobility says each decision follows an explicit, scored policy, making system behavior auditable — a contrast the company draws with end-to-end approaches that may not provide decision-making traceability. The company says the same reasoning-based approach is designed to enable deployment in new cities without the millions of miles of training data conventional AV systems have required.
“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,” said Dr. Edwin Olson, CEO and founder of May Mobility. “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 & CEO of ACP Holdings and Founder of Atlas Credit Partners, said, “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.”
Historical Financials
May Mobility generated approximately $10 million in revenue in 2025 at a 27% gross margin, which the company attributes to early commercialization of its ride-hail partnerships. Cash burn in 2025 totaled approximately $93 million. Since its founding in 2017, the company has raised approximately $445 million from venture investors, strategic corporate partners and financial investors.
Advisors
Cantor Fitzgerald & Co. is serving as exclusive financial advisor and lead capital markets advisor to ACP Holdings and as lead PIPE placement agent, with O’Melveny & Myers LLP as Cantor Fitzgerald’s legal counsel. DLA Piper LLP (US) is legal advisor to ACP Holdings, and Latham & Watkins LLP is legal counsel to May Mobility. An investor presentation on the proposed transaction is available through May Mobility’s investor page, and presentation materials will be filed with the U.S. Securities and Exchange Commission.
