Perfect Corp. has officially completed its merger with ProjectNY, a significant move that marks a new chapter for the company. This merger, announced on October 23, 2026, not only consolidates Perfect's position in the market but also reflects broader trends in the prepackaged software industry.
Founded in 2015, Perfect Corp. is a leading AI company specializing in augmented reality (AR) solutions for the beauty and fashion sectors. The completion of this merger means that Perfect will no longer trade publicly, as its Class A ordinary shares have ceased to exist following the merger.
The merger was executed under an Agreement and Plan of Merger dated July 10, 2026, and was approved during an extraordinary general meeting held on October 19, 2026. At the effective time of the merger on October 23, 2026, shareholders received $2.00 in cash for each share they held, with certain exceptions for excluded shares.
As part of the merger's terms, warrants to purchase shares also became exercisable for cash, with a temporary reduction in the exercise price for a limited period. This is aimed at encouraging warrant holders to exercise their options during the initial phase following the merger.
Perfect Corp. has requested the New York Stock Exchange to suspend trading of its shares and to file for the delisting of its Class A ordinary shares. This move will lead to the deregistration of these shares under U.S. securities law, effectively terminating its reporting obligations.
Financial and legal advisors played crucial roles in facilitating this merger. Kroll, LLC served as the financial advisor to the special committee of independent directors, while DLA Piper UK LLP provided international legal counsel. Sullivan & Cromwell LLP and Maples and Calder (Hong Kong) LLP also contributed legal expertise to the merger process.
As Perfect Corp. transitions into this new phase, it aims to leverage its enhanced capabilities in AI and AR to better serve its clients in the beauty and fashion industries. The company has positioned itself as a key player in providing innovative solutions that enhance customer engagement and drive sales growth.
Looking forward, the company has not specified its next steps following the merger. However, the completion of this merger is expected to have significant implications for its operational strategies and market positioning.