May Mobility to list on Nasdaq via $1.4 billion SPAC deal

Sept 16 — Autonomous ride-hailing technology firm May Mobility has agreed to go ​public in the U.S. through a $1.4 billion deal with blank-check firm ACP Holdings Acquisition, the companies ‌said on Wednesday.

Developers of autonomous driving systems are attracting growing interest from investors ⁠and automakers globally as ​advances in AI and self-driving ⁠technology bring driverless vehicles closer to wider commercial ‌use.

Here are more ‌details:

• The deal is expected to generate up to $337 ⁠million in gross proceeds, including ⁠a fully committed $120 million private investment in public equity (PIPE) from institutional and strategic investors.

• The deal comes as special purpose acquisition companies (SPACs), an alternative route to public markets, are making a comeback in the U.S. ‌after years of subdued activity.

• A ​SPAC is a shell company that raises capital through an initial public offering and then uses the funds to merge with or acquire a private business, taking it public without a traditional IPO.

• After the deal closes, May Mobility expects to trade on the Nasdaq ​under the ticker symbol "MAY".

• Since its inception in 2017, May ‌Mobility said it ‌has ⁠raised about $445 million from leading venture investors, strategic corporate partners and financial investors.

• The company said it has completed more than 550,000 commercial autonomous rides across 1.1 million miles ‌in the U.S. ​and Japan.

• It has partnered ‌with several industry giants, ⁠including Uber, ​Lyft and Grab.

(Reporting by Manya Saini in Bengaluru; Editing by ​Shilpi Majumdar)

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