Perfect Corp. To List On Nasdaq By Merging With Provident Acquisition Corp.; The Enterprise Value Of Perfect Corp. Will Be $1.02B

- Perfect Corp. has entered into a definitive agreement and plan of merger with Provident Acquisition Corp. (NASDAQ:PAQC), a publicly traded special purpose company, that sets the enterprise value of Perfect Corp. at US$1.02 billion.

- The business combination is expected to provide Perfect Corp. with up to US$335 million in gross proceeds, including US$50 million from concurrent PIPE transaction, US$55 million from the forward purchase agreements, and US$230 million currently held in trust by Provident (subject to applicable shareholder redemption rights).

- The PIPE transaction is anchored by several investors including CHANEL, CyberLink, Shiseido and Snap, as well as reputable financial investors.

- The forward purchase agreements were entered into at the time of Provident’s initial public offering and committed by long-term institutional investors Ward Ferry Management and other investors including an affiliate of Provident.

- Use of proceeds includes enhancing Perfect Corp.’s AR and AI SaaS solutions, extending its market reach beyond beauty and fashion industries, and accelerating its global expansion.

- The transaction is expected to close in the third quarter of 2022 and Perfect is expected to be listed on the Nasdaq under the new ticker symbol “PERF”