- Perfect Corp, an Asian startup, agreed to go public via a special purpose acquisition company (SPAC) merger with Provident Acquisition Corp (NASDAQ:PAQC).
- Perfect is the world's leading provider of AI and AR SaaS solutions to the beauty and fashion industries. The transaction gives the business an enterprise value of $1 billion.
- The business combination will provide Perfect with $335 million in gross proceeds, including $50 million from concurrent PIPE transaction, $55 million from the forward purchase agreements, and $230 million currently held in trust by Provident.
- The combined company will focus on accelerating Perfect's global expansion, extending Perfect's industry coverage from beauty and fashion to tangential sectors, and augmenting Perfect's innovative AR and AI SaaS solutions.
- The combined company will be named Perfect Corp and trade on the Nasdaq under the "PERF" ticker symbol.
- The proposed transaction will likely be in the third quarter of 2022.
- Price Action: PAQC shares traded higher by 0.31% at $9.82 on the last check Thursday.
