May Mobility, Inc., a developer of autonomous vehicle technology, and ACP Holdings Acquisition Corp., a special purpose acquisition company (SPAC), have entered into a definitive business combination agreement. Under the terms of the agreement, ACP will acquire May Mobility, with May Mobility continuing as the surviving corporation. The combined company is expected to operate under the name May Mobility, Inc. and list on the Nasdaq Stock Market under the ticker symbol "MAY." The transaction is expected to close by May 26, 2027, subject to shareholder approvals and other customary closing conditions.
The business combination implies a pro forma enterprise value of approximately $1.4 billion for May Mobility. The combined company is expected to receive up to $337 million in gross proceeds, consisting of up to $217 million from ACP Holdings’ trust account, subject to redemptions by ACP’s public shareholders, and a fully committed private investment in public equity (PIPE) of $120 million led by institutional and strategic investors, including an affiliate of Atlas Credit Partners.
May Mobility has completed more than 550,000 commercial autonomous rides across 1.1 million miles in the United States and Japan, including three driver-out deployments. The company generated approximately $10 million in revenue in 2025 with a 27% gross margin, though it reported a cash burn of approximately $93 million for the same period. Since its inception in 2017, May Mobility has raised approximately $445 million from investors.
Upon closing, ACP Holdings will undergo a domestication, converting from a Cayman Islands exempted company to a Delaware corporation. The transaction includes a governance agreement establishing a Post-Closing Purchaser Board of at least five directors, which will include May Mobility’s designees, one director designated by ACP, and one director identified by Maestro SPV LLC.
