Provident Acquisition filed a preliminary proxy and Form F-4 outlining its proposed merger with Perfect, a Taipei, Taiwan-based provider of augmented reality and artificial intelligence Software-as-a-Service solutions to beauty and fashion industries. The deal sets the enterprise value of Perfect Corp. at $1.02 billion.
The business combination is expected to provide Perfect with approximately $335 million in gross proceeds, including $50 million from a concurrent PIPE transaction, $55 million from forward-purchase agreements, and $230 million held in trust by Provident, less any redemptions.
The PIPE transaction is backed by investors including CHANEL, CyberLink, Shiseido and Snap, and others. 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.
If the SPAC’s shareholders approve the deal, upon closing Perfect will list on the Nasdaq under the ticker symbol PERF. The deal is expected to close in the third quarter. Read more.
