Home Product listing ‘Unicorn’ Perfect Mobile Seeks NASDAQ Listing in Q3

‘Unicorn’ Perfect Mobile Seeks NASDAQ Listing in Q3

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Perfect Mobile Corp (完美移動) plans to list on NASDAQ in the third quarter of this year, the provider of augmented reality (AR) and artificial intelligence (AI) software-as-a-service (SAAS) solutions has announced.

Perfect Mobile announced that it has signed a merger agreement with Provident Acquisition Corp, a NASDAQ-listed specialty acquisition company.

Perfect Mobile, a subsidiary of media company Cyberlink Corp (訊連) founded in 2015, said it is transforming consumers’ shopping experience with sophisticated SAAS solutions, including 3D face and hand modeling, AI skin diagnostics and simulations, AR-powered video consultations, live product trials, and personalized facial attribute recommendations.

Photo: ANC

Perfect Mobile said it was seeking a NASDAQ listing under the symbol PERF, replacing Provident Acquisition’s PAQC, the company said.

The deal estimates the company’s market value at US$1.02 billion, surpassing the threshold of a “unicorn” company, referring to a private start-up that has been in business for less than 10 years with a estimated market value over US$1. billion.

The merger is expected to raise up to $335 million, including $50 million from a concurrent private investment in a public equity placement transaction, $55 million from forward purchase agreements and $230 million from dollars held in trust by Provident Acquisition, Perfect Mobile said.

Perfect Mobile’s market value is expected to reach $1.4 billion after its IPO, the company said.

The investment deal has helped Perfect bring in new investors, including Chanel Inc, Shiseido Co, Snap Inc and others, he said.

Perfect Mobile said the fundraising proceeds will bolster its efforts to develop AR and AI SaaS solutions, and is expected to expand its market reach beyond the beauty and fashion industries while accelerating its global expansion. .

“By partnering with Provident, we expect to not only gain access to public capital markets, but also attract more world-class investors, improve our corporate governance, expand our market reach , to increase the development of AI and AR technologies and explore white spaces, such as adjacent fashion verticals and metaverse applications of our technologies,” said Perfect Mobile Founder and CEO Alice Chang (張華禎), in a statement.

Perfect Mobile’s solutions have been adopted by about 95% of the world’s leading beauty and cosmetics groups, with its apps having been downloaded more than 950 million times, the company said.

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