Autonomous vehicle firm May Mobility is set to go public through a merger with special purpose acquisition company (SPAC) ACP Holdings Acquisition Corp. This deal could raise over $300 million and values May Mobility at $1.4 billion.
May Mobility, which operates autonomous Toyota Siennas in three locations, states it will be the first public company in the U.S. focused entirely on autonomous ride-hailing vehicles. This move will also test May Mobility's "asset-light" and "partnership-first" approach to autonomy.
Other companies working on autonomous vehicle technology are publicly traded, including Aurora and Kodiak, which focus on self-driving trucks, as well as Rivian and Tesla. Waymo's parent company, Alphabet, is publicly traded, as is Amazon, which owns Zoox.