May Mobility, the Ann Arbor, Michigan-based autonomous ride-hailing technology company, agreed on September 15 to merge with ACP Holdings Acquisition Corp., a blank-check company affiliated with Atlas Credit Partners, in a deal implying a pro forma enterprise value of approximately $1.4 billion2,7,14. The combined entity will trade on Nasdaq under the ticker "MAY"6,11.
The transaction is expected to generate up to $337 million in gross proceeds, comprising a fully committed $120 million private investment in public equity from institutional and strategic investors and up to $217 million from ACP Holdings' trust account, subject to shareholder redemptions. ACP reported $217.4 million of investments held in trust as of June 30. The companies expect the deal to close by year-end, with an outside date of May 26, 2027; approvals from ACP shareholders, May Mobility stockholders, HSR clearance, and Nasdaq listing are required. The PIPE consists of 12% convertible preferred shares with matching warrants.
May Mobility said the listing would make it the first U.S. publicly traded pure-play autonomous ride-hail technology company, distinguishing it from broader autonomy players such as Tesla, Alphabet's Waymo, Aurora, and Kodiak10.
Thin revenue, heavy cash burn
The company disclosed approximately $10 million in 2025 revenue at a 27% gross margin, against cash burn of roughly $93 million over the same period9. Since its 2017 founding, May Mobility has raised approximately $445 million from venture investors, strategic corporate partners, and financial investors, with NTT leading its Series D and E rounds. May Mobility is targeting long-term gross margins of up to 70% and EBIT margins of up to 30%.
ANALYSIS At roughly $10 million in trailing revenue against a $1.4 billion enterprise value, the deal places the valuation almost entirely on future scale rather than current operations.
Licensing model and partner network
May Mobility's business revolves around an Autonomy-as-a-Service model: fleet partners carry vehicle ownership, depot, operations, and maintenance costs, while May Mobility supplies autonomous-driving technology and collects fixed fees or per-trip licensing fees. The company operates autonomous Toyota Siennas in three U.S. locations: Atlanta with Lyft, and Eden Prairie and Grand Rapids in Minnesota. It 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.
May Mobility's partner roster spans Toyota Motor Corporation as its primary OEM partner, Uber and Lyft through multi-year, multi-city U.S. agreements, Grab for Southeast Asian expansion, NTT as the exclusive operator of May Mobility-powered fleets in Japan, ECARX as its hardware integration and engineering partner, and CaoCao for autonomous vehicle launches in Europe and other international markets. The company is targeting a commercial launch with Uber in Arlington, Texas, in Q4 2026 or Q1 2027. A six-month on-demand pilot with NTT Mobility in Nagoya, Japan, launched in September.
Proceeds from the transaction are expected to fund research and development, hardware cost reductions, supply-chain investments, safety-driver removal, and new U.S. and international deployments. CEO and founder Dr. Edwin Olson said: "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".