May Mobility to go public through SPAC merger at 1.4 billion dollar valuation

A neutral summary of May Mobility is going public in a $1.4B SPAC deal, published by TechCrunch. Summarised for the Ceeve reading list; the original reporting is TechCrunch's.

May Mobility, an autonomous vehicle company, is merging with ACP Holdings Acquisition Corp., a special purpose acquisition company backed by Atlas Credit Partners. The deal values May Mobility at 1.4 billion dollars and could raise more than 300 million dollars through a 120 million dollar private investment and up to 217 million dollars from the SPAC's trust account. May Mobility says it will become the first publicly traded U.S. company focused entirely on autonomous ride-hailing vehicles.

May Mobility operates autonomous Toyota Siennas in three U.S. locations, including a partnership with Lyft in Atlanta and services in Eden Prairie and Grand Rapids, Minnesota. The company generated around 10 million dollars in revenue last year while burning approximately 93 million dollars in cash. It has completed over 550,000 paid autonomous rides covering more than 1 million miles, and recently launched its first trial deployment in Japan.

May Mobility plans to use the proceeds for research and development, particularly to remove safety drivers, reduce manufacturing costs, and fund new geographic deployments including Arlington, Texas with Uber. The company's model involves selling autonomous vehicles to fleet partners while retaining control of software and remote supervision. Job seekers in autonomous vehicles and mobility can track May Mobility's public transition via Ceeve to monitor developments in this emerging sector.

Read the original on TechCrunch

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