May Mobility (MAY) and ACP Holdings Acquisition Corp (ACGC) agreed to a definitive business combination that 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, including up to $217 million from ACP Holdings’ trust (subject to redemptions) and a fully committed $120 million PIPE from institutional and strategic investors. Upon closing, the company will be named “May Mobility, Inc.” and is expected to list on Nasdaq under the ticker “MAY.” May Mobility reports more than 550,000 commercial autonomous rides over 1.1 million miles, three driver-out deployments, 2025 revenue of about $10 million with a 27% gross margin, and 2025 cash burn of about $93 million. The deal is targeted to close by year-end, subject to shareholder approvals and customary conditions.