Latham & Watkins Advises Leading Autonomy Platform May Mobility on Business Combination With ACP Holdings Acquisition Corp. at a Valuation of US$1.4 Billion

May Mobility, Inc., a global autonomous vehicle technology company, and ACP Holdings Acquisition Corp. (Nasdaq: ACGC) (ACP Holdings), a publicly traded special purpose acquisition company, have announced that they have entered into a definitive business combination agreement. The transaction is expected to position May Mobility as the first US publicly listed pure-play autonomous ride-hail technology company. The business combination implies a pro forma enterprise value of approximately US$1.4 billion. The transaction is expected to deliver gross proceeds of up to US$337 million, subject to redemptions by ACP Holdings' public stockholders. Upon the closing of the transaction, the combined company is expected to operate as May Mobility, Inc. and list on the Nasdaq Stock Market under the ticker symbol MAY.

Latham & Watkins LLP advised May Mobility in the transaction with a corporate team led by partners Ryan Lynch, Tad Freese, and Haim Zaltzman, with associates Diana DuBois, David Lee, Liem-Lucas Nguyen, Evan Long-Quian, and Josh Horn. Advice was also provided on emerging companies matters by partner Nima Movahedi, with associate Christopher Siino; on capital markets matters by partners Alison Haggerty and Reza Mojtabaee-Zamani, with associates Shawn Quinn, Shawn Noh, Jie Lin Nai, Radley Gillis, and Jen Kim, with assistance from Jackson Davenport; on finance matters by partner Dan Van Fleet, with associates Jing Cao, Jack McKay, and Will Sedgwick; on tax matters by partners Rene de Vera and Christine Mainguy, with associate Jay Khurana; on benefits matters by partner James Metz, with associate Ellie Graham; on environmental matters by partner Joshua Marnitz, with associate Reilly Nelson; on data privacy and cybersecurity matters by partner Jennifer Archie, with associates Stuart Cobb and Madhavi Nambiar; on intellectual property matters by counsel Carrie Girgenti, with associate Ece Gonulal; on government contracts matters by partner Kyle Jefcoat; on anti-bribery, corruption, and sanctions matters by partner Joseph Bargnesi, and counsel Aaron Amundson, with associates C.J. Rydberg and Esther Yoon; on antitrust matters by partners Jason Cruise and Lindsey Champlin; on regulatory matters by counsel Zachary Eddington, with associate Christine Kalpin; and on private capital and registered funds matters by partner Emily Corbi.