Perfect Corp. and Provident Acquisition Corp. Complete Business Combination
Summary
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. 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. Led by Winato Kartono as the Executive Chairman, Michael Aw as the CEO and CFO, and Andre Hoffmann as the President, Provident seeks to complete business combinations with companies headquartered in Asia but with global footprints, proven technologies, and leading market share. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to: the outcome of any legal proceedings that have been or may be instituted against Perfect or Provident, the combined company or others following the announcement of the completion of the Business Combination; the risk that the Business Combination disrupts current plans and operations of Perfect or Provident as a result of the consummation of the Business Combination; the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with brands, customers and retain its management and key employees; costs related to the Business Combination; changes in applicable laws or regulations; Perfect’s estimates of expenses and profitability and underlying assumptions with respect to certain adjustments; unforeseen developments in the relatively new and rapidly evolving markets in which Perfect operates, competition in the markets in which Perfect operates or plans to operate, including with competitors who have significantly more resources; ability to retain and expand sales to existing brand customers and individual app users or attract new brand customers and new app users, or if users decrease their level of engagement with our brand customers or Perfect’s apps; ability to monetize Perfect’s apps to generate sustainable revenue; ability to make continued investments in Perfects AI and AR-powered technologies; the need to attract, train and retain highly-skilled technical workforce; reliance on certain platforms for payment processing; user misconduct or misuse of Perfect’s apps; security breaches of improper access to data or user data; reliance on a limited number of cloud storage service providers; reliance on third-party proprietary or open-source software; the impact of the ongoing COVID-19 pandemic; reliance on a limited number of brand partners for a significant portion of Perfect’s revenue; use of a dual-class structure by the combined company; interests of certain Perfect shareholders possibly being different from those of investors in the combined company; internal control over financial reporting and ability to remediate any significant deficiencies or material weaknesses; changes in laws and regulations related to privacy, cybersecurity and data protection; ability to enforce, protect and maintain intellectual property rights; geopolitical, regulatory and other risks associated with Perfect’s operations in the Republic of China and the People’s Republic of China; and other risks and uncertainties set forth in the section entitled “Risk Factors” in the definitive proxy statement/prospectus, as amended or supplemented, filed by Provident with the SEC and those included under the heading of “Risk Factors” in its annual report on Form 10-K for year ended December 31, 2021 and in its subsequent quarterly reports on Form 10-Q and other filings with the SEC.