May Mobility plans Nasdaq listing through a $1.4 billion deal
Autonomous transport startup May Mobility plans to merge with ACP Holdings and trade on Nasdaq under the ticker MAY.
May Mobility and ACP Holdings have signed a definitive merger agreement. The deal values the combined company at approximately $1.4 billion and could bring the startup up to $337 million in gross proceeds if closing conditions are met.
How is the deal structured?
Under the agreement announced on September 16, 2026, May Mobility will merge with special purpose acquisition company ACP Holdings Acquisition Corp. Following the closing, the company is expected to trade on Nasdaq under the ticker MAY.
Of the anticipated gross proceeds of up to $337 million, $120 million would come from a PIPE investment by institutional and strategic investors, and up to $217 million could come from ACP Holdings’ trust account. The final trust amount depends on shareholders’ redemption decisions.
The startup’s model
May Mobility focuses on licensing autonomous driving technology to partners rather than buying and operating the entire fleet itself. The company calls this approach Autonomy-as-a-Service; fleet operators retain most vehicle, depot and maintenance costs.
According to the company, its systems have completed more than 550,000 commercial autonomous rides totaling 1.1 million miles in the US and Japan. Its partners include Toyota, Uber, Lyft, Grab, NTT and CaoCao.
The process is not yet complete
The deal is subject to approval by both parties’ shareholders, Nasdaq listing requirements and customary closing conditions. The companies expect to complete it by the end of 2026, but that is not a guaranteed date.
May Mobility reported approximately $10 million in revenue and a 27% gross margin in 2025, with cash spending of around $93 million over the same period.
Sources and image credits
Sources
Announcement date: September 16, 2026. May Mobility official statement: https://maymobility.com/posts/may-mobility-first-publicly-listed-pure-play-autonomous-ride-hail-technology-company-acp-holdings-acquisition-corp/
Reuters: https://www.reuters.com/legal/transactional/may-mobility-list-nasdaq-via-14-billion-spac-deal-2026-09-16/
This article was prepared by the Founders Cafe editorial team.
