May Mobility agrees to $1.4 billion SPAC combination

May Mobility signed a definitive agreement to combine with ACP Holdings ($ACGC) Acquisition Corp., in a transaction implying a pro forma enterprise value of approximately $1.4 billion. The autonomous-driving company could receive up to $337 million in gross proceeds, including $120 million of committed private investment and approximately $217 million held in the SPAC’s trust before redemptions.

The business has reported more than 550,000 commercial autonomous rides and 1.1 million miles of operation. Its model emphasizes providing autonomous-driving technology and services to fleet partners. Closing remains subject to approvals and customary conditions, and shareholder redemptions could reduce available cash. ACGC is the currently listed instrument; MAY is the proposed future Nasdaq symbol; the combination and ticker change have not yet closed.

Sources:

• May Mobility / ACP Holdings — business combination announcement