May Mobility Inc., the Ann Arbor-based global autonomous vehicle technology company, has joined forces with ACP Holdings Acquisition Corp. in Houston, Texas, an alliance that ultimately will position May as the first U.S. publicly listed pure-play autonomous ride-hail technology company.
The transaction, the details of which were not disclosed, is expected to deliver gross proceeds of up to $337 million, subject to redemptions by ACP Holdings’ public stockholders.
Upon the closing of the transaction, the combined company is expected to operate as May Mobility Inc. and list on the Nasdaq Stock Market under the ticker symbol, “MAY.”
The business combination implies a pro forma enterprise value of approximately $1.4 billion.
May Mobility is a pioneer of an asset-light, partnership-first approach to deploying physical AI in autonomous ride-hail applications, differentiating itself in an industry traditionally dominated by asset-heavy fleet operators.
The company reports 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 to date. It is one of just a handful of companies to have deployed public driver-out routes across multiple sites in the United States.
May Mobility currently operates commercially in three U.S. locations, with Lyft in Atlanta and autonomous ride services in Eden Prairie and Grand Rapids, Minn., and is targeting to launch commercial operations with Uber in Arlington, Texas, in Q4 2026 or Q1 2027.
Additionally, a six-month on-demand AV pilot with NTT Mobility in Nagoya, Japan, launched in September, with additional deployments expected to be announced later this year.
“We started May Mobility because getting around a city shouldn’t cost people their time, their safety, or their freedom,” says Edwin Olson, founder and CEO of May Mobility. “Becoming a public company is how we bring that within reach for more people, faster.
“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.”
The Ann Arbor company has created a partnership ecosystem in line with its Autonomy-as-a-Service strategy, spanning vehicle manufacturers, ride-hail and fleet owners, and operators, including the following:
- Toyota Motor Corp. is May Mobility’s primary OEM partner, providing autonomy-ready vehicle platforms — the Sienna and the e-Palette.
- Uber and Lyft have each entered multi-year, multi-city partnerships with May Mobility to deploy autonomous fleets in the United States on their respective ride-hail platforms.
- Grab, Southeast Asia’s leading “superapp,” has committed to a multi-year strategic partnership including investment, technology collaboration and commercial expansion into Southeast Asia.
- NTT, a global telecommunications and technology leader, led May Mobility’s Series D and E financing rounds. As part of that investment, May Mobility licensed its technology to NTT as the exclusive operator of May Mobility-powered fleets in Japan.
- ECARX is May Mobility’s hardware integration and engineering partner, enabling significant bill-of-materials reductions and mass production.
- CaoCao, a global ride-hail platform, is partnering with May Mobility to launch AVs in Europe and other international markets. May Mobility will provide the technology, and CaoCao will own and operate the May Mobility-powered autonomous fleets.
May Mobility says it believes that its partnerships help validate its technology and reduce execution risk.
“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,” says Andrew Mallozzi, chairman and CEO of ACP Holdings and founder of Atlas Credit Partners.
“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.”
