ANN ARBOR—May Mobility, the ride-hailing service using self-driving cars, announced that it would begin offering stock to the public via a merger with a “special purpose acquisition company” affiliated with Atlas Credit Partners, a private debt and asset management firm headquartered in Houston, Texas.
SPACs are a shell corporation that raises money through an initial public stock offering solely to buy or merge with a private company, taking it public without a traditional IPO.
May Mobility officials say the deal values the company at $1.4 billion. The deal is expected to deliver gross proceeds of up to $337 million for May/ When the deal closes, May will operate as May Mobility Inc. and list on the NASDAQ stock market under the ticker symbol MAY.
May officials said the proceeds of the stock sale are expected to be used for additional research, development, and industrialization investments to extend May Mobility’s driver-out operational domain, supply chain investments to reduce bill-of-materials costs, new deployments in the United States and globally to accelerate growth, and general working capital.
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 to date. 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, by March 31, 2027.
Additionally, a six-month on-demand autonomous vehicle pilot with NTT Mobility in Nagoya, Japan, was launched in September, with additional deployments expected to be announced later this year.
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.
Officials at May Mobility said its transition to an “autonomy-as-a-service” model differentiates it from conventional autonomous ride-hail companies. This model offers ride-hail platforms a proven autonomous technology architecture that navigates diverse driving environments safely and is built to scale efficiently. Fleet operating partners will assume full responsibility for vehicle ownership, depot operations and maintenance costs; May Mobility will deliver the autonomy. May Mobility believes this proprietary approach can reduce capital requirements, expand margins, align with the economics of fleet operators and enable rapid scaling across markets by allowing experienced fleet operators to manage operational complexity. May Mobility receives either fixed fees or per-trip licensing fees from ride-hail partners, with target longer-term gross margins of up to 70%, with target EBIT margins of as much as 30%, a profile more typical of software-as-a-service companies than traditional mobility operators.
“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,” said Edwin Olson, PhD, CEO and founder of May Mobility and a professor of electrical engineering and computer science at the University of Michigan. “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.”
Andrew Mallozzi, chairman and CEO of ACP Holdings and founder of Atlas Credit Partners said, “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. 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.”
Officials at May Mobility said the company generated approximately $10 million in revenue in 2025 with a 27% gross margin, reflecting early commercialization of its ride-hail partnerships. Despite expansion into new markets and the development of frontier autonomous technology, May Mobility’s cash burn in 2025 totaled approximately $93 million, reflecting a disciplined cost structure and capital allocation relative to its peers—as well as benefits accruing from its partnership model. Since inception in 2017, May Mobility has raised approximately $445 million from leading venture investors, strategic corporate partners and financial investors, each validating the company’s technology and market opportunity.
The boards of directors of both May Mobility and ACP Holdings have each unanimously approved the proposed business combination. The closing of the business combination is expected to occur by year-end, subject to the satisfaction of closing conditions, including the approval of shareholders of each of May Mobility and ACP Holdings, and the approval of the listing of the combined company’s shares on Nasdaq.
To listen to a discussion of the deal by executives of the companies, visit maymobility.com/investors. Presentation materials will be filed with the U.S. Securities and Exchange Commission at www.sec.gov. In addition, the documents filed by ACP Holdings may be obtained by written request to ACP Holdings at ACP Holdings Acquisition Corp., 3131 Eastside Street, Houston, Texas 77098, and the documents filed by May Mobility may be obtained by written request to May Mobility at 650 Avis Drive, Suite 100, Ann Arbor, Michigan 48108.