· Venture Capital Tracker Editorial
May Mobility’s $1.4B SPAC Is EV, Not a Raise — $10M Revenue, $93M Burn
May Mobility and ACP Holdings (Nasdaq: ACGC) announced a business combination on September 16, 2026 at about $1.4 billion pro forma enterprise value. Up to $337 million of proceeds includes a $120 million PIPE and up to $217 million of trust cash subject to redemptions. 2025 revenue was about $10 million against about $93 million cash burn. Not closed; expected ticker MAY is not trading.
May Mobility agreed to list via a SPAC, not to raise a $1.4 billion round. On September 16, 2026 the Ann Arbor company and ACP Holdings Acquisition Corp. (Nasdaq: ACGC) said they signed a definitive business combination at about $1.4 billion pro forma enterprise value. Gross proceeds of up to $337 million mix a $120 million committed PIPE and up to $217 million of trust cash subject to redemptions. Not closed. Expected ticker MAY is not trading. Last verified September 19, 2026.
The same company post printed about $10 million of 2025 revenue against about $93 million of 2025 cash burn.
Five-minute decision
| If you need… | Verdict |
|---|---|
| What happened | Agreed SPAC. $1.4B is pro forma EV. ACGC is the live ticker. |
| Cash to the company | Up to $337M. $120M PIPE is committed. $217M trust is redemption-sensitive. |
| Close | No. Target year-end 2026. Shareholder + Nasdaq approvals still required. |
| 2025 P&L (company) | ~$10M revenue · 27% GM · ~$93M cash burn |
| Lifetime equity | ~$445M since 2017 (company). NTT led D and E. |
| Whether to diligence | Yes, if you underwrite partnership AV vs Waymo-scale fleet owners. No, if you need a closed listing or 2026 revenue. |
Investigate further when: the S-4 is effective and redemption turnout is known.
Wait or pass when: you need a live MAY quote or current-year revenue.
What is actually known
| Field | Detail |
|---|---|
| Company | May Mobility — Ann Arbor AV / Autonomy-as-a-Service. Founded 2017; CEO Edwin Olson. |
| Instrument | Business combination with ACP Holdings (Atlas Credit Partners). Not a Series F. |
| Mark | ~$1.4B implied pro forma EV (company / Reuters). |
| Proceeds | Up to $337M = $120M PIPE + up to $217M trust. Redemptions can cut the trust line. |
| Listing | Expected Nasdaq: MAY. Today’s ticker is ACGC. Status remains private until close. |
| Rides (company) | >550,000 commercial autonomous rides · 1.1 million miles · three U.S. driver-out launches |
| Cities now | Lyft in Atlanta; Eden Prairie and Grand Rapids, Minnesota. Uber Arlington targeted Q4 2026 or Q1 2027. NTT Nagoya pilot launched September. |
| Partners named | Toyota (Sienna / e-Palette), Uber, Lyft, Grab, CaoCao, NTT, ECARX |
| Targets (company) | Longer-term gross margin up to 70% and EBIT as much as 30%. Those are targets, not 2025 results. |
| Directory | Ann Arbor hub. ** |
Do not add $1.4 billion into a 2026 funding total. Do not file this under /fund/ridgeline-ventures or any Houston credit firm we do not cover.
$10 million on a $1.4 billion EV
$10 million of 2025 revenue on a $1.4 billion EV is a 140× sales mark if you force the arithmetic. The company is not selling that multiple; it is selling a partnership model, ride counts, and a path off safety drivers. $93 million of cash burn against $10 million of revenue is the 2025 fact that survives the “first pure-play U.S. autonomous ride-hail listing” sentence.
TechCrunch used the same ride, revenue, and burn figures and noted the trust can shrink if ACGC holders redeem. That is the diligence gate, not whether Ann Arbor has an AV company.
Related: May Mobility profile · Ann Arbor map · September 16–19 index · September hub.
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Editorial note: AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.
