Perfect Mobile Corp (完美移動) is planning a NASDAQ listing in the third quarter of this year, the augmented reality (AR) and artificial intelligence (AI) software-as-a-service (SAAS) solution provider has said.
Perfect Mobile said it had signed a merger agreement with Provident Acquisition Corp, a NASDAQ-listed special-purpose acquisition company.
Perfect Mobile, a subsidiary of multimedia firm Cyberlink Corp (訊連) founded in 2015, said it is transforming the consumer shopping experience with sophisticated SAAS solutions, including 3D facial and hand modeling, AI skin diagnostics and simulations, AR-powered video consultations, live product trials, and personalized facial attribute recommendations.
Photo: CNA
Perfect Mobile said it is seeking a NASDAQ listing under the symbol PERF, replacing Provident Acquisition’s PAQC, the company said.
The agreement estimates the company’s market value at US$1.02 billion, passing the threshold for a “unicorn” company, referring to a privately owned start-up that has been in business for fewer than 10 years with an estimated market value of more than US$1 billion.
The merger is expected to raise up to US$335 million, including US$50 million from a concurrent private investment in public equity placement transaction, US$55 million from forward purchase agreements and US$230 million held in trust by Provident Acquisition, Perfect Mobile said.
Perfect Mobile’s market value is likely to reach US$1.4 billion after its listing, the company said.
The investment deal has helped Perfect recruit new investors, including Chanel Inc, Shiseido Co, Snap Inc and others, it said.
Perfect Mobile said the fundraising proceeds would enhance its efforts to develop AR and AI SaaS solutions, and should extend its market reach beyond the beauty and fashion industries while accelerating its global expansion.
“By combining with Provident, we expect to not only access public capital markets, but also attract more world-class investors, enhance our corporate governance, expand our market reach, increase development in AI and AR technology, and explore white space, such as adjacent fashion verticals and metaverse applications of our technologies,” Perfect Mobile founder and CEO Alice Chang (張華禎) said in a statement.
Perfect Mobile’s solutions have been adopted by about 95 percent of the top beauty and cosmetics groups in the world, with its apps being downloaded more than 950 million times, the company said.
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