Perfect Corp. and Provident Acquisition Corp. Announce Approval of Business Combination by Provident’s Shareholders

Perfect Corp. (“Perfect”), a global leader in providing augmented reality (“AR”) and artificial intelligence (“AI”) Software-as-a-Service (“SaaS”) solutions to beauty and fashion industries, and Provident Acquisition Corp. (Nasdaq: PAQC; "Provident"), a special purpose acquisition company, today announced that their previously announced business combination (the “Business Combination”) was approved at an extraordinary general meeting (the “EGM”) of Provident’s shareholders on October 25, 2022.

Complete official results of the vote will be included in a current report on Form 8-K to be filed by Provident with the U.S. Securities and Exchange Commission (the “SEC”) today.

The Business Combination is expected to close on October 28, 2022. Upon such closing, the listed company resulting from the Business Combination will be called Perfect Corp. and its shares and warrants are expected to begin trading on the New York Stock Exchange (the “NYSE”) under the ticker symbols “PERF” and “PERF WS,” respectively, on October 31, 2022.

Perfect is a market leader in the global beauty tech sector, with over 400 beauty brands, including 17 of the world’s top global 20 beauty groups, utilizing Perfect’s AR and AI SaaS solutions in 80 countries globally, as of December 31, 2021, according to Frost & Sullivan. Every year, Perfect enables over 10 billion virtual try-ons of consumer products in a wide range of merchandise categories, including cosmetics, skincare, hair colors, and fashion accessories.

Upon completion of the Business Combination, Perfect intends to focus on accelerating its global expansion, extending Perfect’s industry coverage from beauty and fashion to tangential sectors, and augmenting its innovative AR and AI SaaS solutions, including product try-on and digital consultation solutions.

Alice Chang, Founder and Chief Executive Officer of Perfect, commented, “This is a momentous day for Perfect, our colleagues, and our partners. 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."