ACP Holdings Acquisition Corp. Class A Ordinary Shares

May Mobility to Become the First U.S. Publicly Listed Pure-Play Autonomous Ride-Hail Technology Company Through a Business Combination with ACP Holdings Acquisition Corp.

ACP Holdings Acquisition Corp. (Nasdaq: ACGC) has signed a definitive agreement to combine with autonomous vehicle company May Mobility in a deal implying a pro forma enterprise value of approximately $1.4 billion; the combined company is expected to list on Nasdaq under ticker 'MAY' by year-end. The transaction is expected to deliver up to $337 million in gross proceeds — up to $217 million from ACGC's trust account, subject to public shareholder redemptions, plus a fully committed $120 million PIPE co-anchored by an affiliate of sponsor Atlas Credit Partners. May Mobility brings commercial traction — more than 550,000 autonomous rides across 1.1 million miles and partnerships with Uber, Lyft, Grab, CaoCao and Toyota — but generated only about $10 million of 2025 revenue at a 27% gross margin against roughly $93 million of annual cash burn.

•1mo ago