Autonomous vehicle company May Mobility is merging with a special purpose acquisition company and will become a publicly traded company.
Founded in 2017, May Mobility now operates autonomous Toyota Siennas in three places in the U.S. It has a partnership with Lyft in Atlanta, and offers rides in two cities in Minnesota.
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Autonomous vehicle company May Mobility is merging with a special purpose acquisition company and will become a publicly traded company.
Once the merger is complete, May Mobility said it will be the first public company in the U.S. that is focused on autonomous ride-hailing vehicles.
Instead of owning and operating the robotaxis, May Mobility’s business revolves around selling its autonomous vehicles to its fleet partners over time while maintaining control of any remote supervision and software updates. In exchange, May Mobility receives either fixed fees or per-trip licensing fees.
Founded in 2017, May Mobility now operates autonomous Toyota Siennas in three places in the U.S. It has a partnership with Lyft in Atlanta, and offers rides in two cities in Minnesota.
The merger will involve a $120 million “private investment in public equity” transaction, and up to $217 million from a trust account maintained by ACP Holdings — though shareholders in the SPAC may choose to redeem their stock at the time of the merger, which could reduce the amount of money going to May Mobility.
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