10.26.22
Perfect Corp. and Provident Acquisition Corp. said their previously announced business combination was approved at yesterday’s extraordinary general meeting of Provident’s shareholders.
Complete official results of the vote will be included in a current report on Form 8-K to be filed by Provident with the US Securities and Exchange Commission (SEC) today. The combination is expected to close on October 28, 2022.
Upon closing, Perfect Corp. and its shares and warrants are expected to begin trading on the New York Stock Exchange under the ticker symbols “PERF” and “PERF WS,” respectively, on Oct. 31, 2022.
The deal was first announced this spring.
"This is a momentous day for Perfect, our colleagues, and our partners,” said Alice Chang, founder and CEO of Perfect. “Since our inception seven years ago, we have dedicated ourselves to transforming the global beauty industry, to infusing entertainment into shopping, and to protecting the environment while delivering an enjoyable product try-on experience to consumers. The result of today’s EGM of Provident provides us with financial resources to drive the next level of growth, and the opportunity to capitalize on rapidly changing market dynamics at a pivotal time for beauty and fashion industries. I am proud of what Perfect has achieved, and excited about the possibilities our partnership with Provident delivers to us."
The transaction sets Perfect’s enterprise value at approximately $1.02 billion. The business combination is expected to provide Perfect with approximately $119 million in gross proceeds, said the companies.
The PIPE (private investment in public equity) transaction is backed by investors including Chanel, Shiseido and Snap as well as reputable financial investors, said Provident.
Complete official results of the vote will be included in a current report on Form 8-K to be filed by Provident with the US Securities and Exchange Commission (SEC) today. The combination is expected to close on October 28, 2022.
Upon closing, Perfect Corp. and its shares and warrants are expected to begin trading on the New York Stock Exchange under the ticker symbols “PERF” and “PERF WS,” respectively, on Oct. 31, 2022.
The deal was first announced this spring.
"This is a momentous day for Perfect, our colleagues, and our partners,” said Alice Chang, founder and CEO of Perfect. “Since our inception seven years ago, we have dedicated ourselves to transforming the global beauty industry, to infusing entertainment into shopping, and to protecting the environment while delivering an enjoyable product try-on experience to consumers. The result of today’s EGM of Provident provides us with financial resources to drive the next level of growth, and the opportunity to capitalize on rapidly changing market dynamics at a pivotal time for beauty and fashion industries. I am proud of what Perfect has achieved, and excited about the possibilities our partnership with Provident delivers to us."
The transaction sets Perfect’s enterprise value at approximately $1.02 billion. The business combination is expected to provide Perfect with approximately $119 million in gross proceeds, said the companies.
The PIPE (private investment in public equity) transaction is backed by investors including Chanel, Shiseido and Snap as well as reputable financial investors, said Provident.