Perfect Corp. and Provident Acquisition Corp. Complete Business Combination

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 the completion of their previously announced business combination (the “Business Combination”). The listed company resulting from the Business Combination will be called Perfect Corp., and its shares and warrants will commence trading on the New York Stock Exchange under the ticker symbols “PERF” and “PERF WS,” respectively, on October 31, 2022.

Alice Chang, Founder and Chief Executive Officer of Perfect, commented, “We are thrilled to continue Perfect’s evolution, now as a public company, by reaching this significant milestone. Leveraging our access to the global capital market, we plan to extend our industry coverage from beauty and fashion to tangential sectors, augment our innovative AR and AI SaaS solutions, and empower more enterprises around the world to deliver transformative virtual product try-on experiences to consumers.”

Michael Aw, Chief Executive Officer of Provident, commented, “Provident is proud to partner with a company whose unparalleled leadership and vision have driven it to the forefront of today’s beauty and fashion industries. With its innovative AI and AR solutions and strong partnerships with the world’s leading beauty groups, we believe that Perfect is well positioned to continue growing its business and deliver sustainable shareholder returns. We are excited for the opportunities that lie ahead, and we look forward to working with Perfect in the future as a newly-public company.”

Advisors

Sullivan & Cromwell LLP served as legal counsel to Perfect. Davis Polk & Wardwell LLP served as the legal counsel to Provident.

About Perfect Corp.

Founded in 2015, Perfect is a global leader in providing AR and AI SaaS solutions to beauty and fashion industries. Utilizing facial 3D modeling, and AI deep learning technologies, Perfect empowers beauty brands with product try-on, facial diagnostics, and digital consultation solutions to provide consumers with an enjoyable, personalized, and convenient omnichannel shopping experience. Today, Perfect has a leading market share in helping the world’s top beauty brands execute digital transformation, improve customer engagement, increase purchase conversion, and drive sales growth while maintaining environmental sustainability and fulfilling social responsibilities. For more information, visit https://www.perfectcorp.com/business.