Self-driving tech company May Mobility plans to go public via a SPAC merger at a $1.4B pro forma enterprise value and raise up to $337M in gross proceeds (Joann Muller/Axios)
Self-driving tech company May Mobility has reached a deal to go public via a merger with a SPAC affiliated with Atlas Credit Partners.
May Mobility, a self-driving technology company, plans to go public through a merger with a special purpose acquisition company (SPAC) affiliated with Atlas Credit Partners. The deal is set to value the company at $1.4 billion and raise up to $337 million in gross proceeds, according to Axios.
Once the merger is complete, May Mobility will become a publicly traded company focused entirely on autonomous ride-hailing vehicles. This will differentiate it from other public companies working on autonomy, such as Tesla and Waymo, which is owned by Alphabet.
May Mobility's business approach is described as "asset-light" and "partnership-first." The company sells its autonomous vehicles to fleet partners over time while maintaining control of remote supervision and software updates. In exchange, May Mobility receives fixed fees or per-trip licensing fees. The company currently operates autonomous Toyota Siennas in three US locations and has partnerships with Lyft in Atlanta and offers rides in two Minnesota cities.
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