May Mobility is going public in a $1.4B SPAC deal

May Mobility will merge with ACP Holdings Acquisition Corp., raising over $300 million at a $1.4 billion valuation. The transaction includes a $120 million private investment and up to $217 million from a trust, earmarked for R&D, safety-driver removal, and supply-chain cost reductions. May Mobility operates autonomous Toyota Sienna fleets in three U.S. locations, has generated $10 million in revenue, and plans new deployments in Arlington, Texas, and Japan.