Beauty Software Maker Looks To Go Public Via $1B SPAC Merger

Perfect Corp, an Asian startup, agreed to go public via a special purpose acquisition company (SPAC) merger with Provident Acquisition Corp 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.