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

Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST

Sept 16 : 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, 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.

CNA Games

Guess Word
Crack the word, one row at a time

Buzzword
Create words using the given letters

Mini Sudoku
Tiny puzzle, mighty brain teaser

Mini Crossword
Small grid, big challenge

Word Search
Spot as many words as you can
Show More
Show Less

• 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, Lyft and Grab.

Newsletter

Week in Review

Subscribe to our Chief Editor’s Week in Review

Our chief editor shares analysis and picks of the week's biggest news every Saturday.

Sign up for our newsletters

Get our pick of top stories and thought-provoking articles in your inbox

Subscribe here

Get the CNA app

Stay updated with notifications for breaking news and our best stories

Download here

Get WhatsApp alerts

Join our channel for the top reads for the day on your preferred chat app

Join here