Provident Acquisition Corp. (PAQC) Shareholders Approve Perfect Corp. Deal

Provident Acquisition Corp. (PAQC) Shareholders Approve Perfect Corp. Deal

Provident Acquisition Corp. (NASDAQ:PAQC) announced this afternoon that its shareholders have approved its combination with beauty tech brand Perfect Corp. at a special meeting held earlier today.

The press release did not disclose redemptions, however, Provident now expects the business combination to provide Perfect with approximately $118.5 million in gross proceeds.

The SPAC originally funded the deal with about $230 million from its current trust alongside a $55 million forward purchase agreement (FPA) and $50 million PIPE at $10 per share. The PIPE drew investment from strategic investors including CHANEL, CyberLink (TW:5203), Shiseido (TYO:4911) and Snap. (NYSE:SNAP).

Provident and Perfect now expect the deal to close on Friday, October 28. Upon such closing, the combined company will be called 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 Monday, October 31.

Provident initially announced the $1.02 billion combination with Perfect on March 3. Perfect provides augmented reality solutions to allow consumers to virtually try on clothing and cosmetics before buying.

Following the completion of the deal, Perfect intends to focus on accelerating its global expansion, extending its 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.


  • Sullivan & Cromwell LLP is serving as legal advisor to Perfect.
  • Davis Polk & Wardwell LLP is serving as the legal counsel to Provident.
  • Latham & Watkins LLP is serving as the legal advisor to the placement agents.
  • Goldman Sachs (Asia) L.L.C. (“Goldman Sachs”) is serving as the financial advisor to Perfect.
  • Citigroup Global Markets Asia Limited and Barclays Capital are serving as co-placement agents and co-capital market advisors on the PIPE offering.
  • Barclays Capital is also serving as M&A financial advisor to Provident.