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

By Reuters News

Sept 16 (Reuters) - 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 ACGC.O, 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 UBER.N, Lyft LYFT.O and Grab GRAB.O.

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