Perfect Corp completes merger with ProjectNY and delists from NYSE

Taiwanese artificial intelligence and augmented reality solutions provider Perfect Corp has completed its merger with ProjectNY, an entity incorporated in the Cayman Islands and controlled by founder Alice H. Chang. Following the transaction, the fashion and beauty technology provider has officially ceased trading on the New York Stock Exchange (NYSE).

Under the terms of the agreement approved at an extraordinary general meeting on October 19, 2026, the company merged with ProjectNY at 7am Cayman Islands time on October 23, 2026. Each issued and outstanding ordinary share has been cancelled in exchange for two dollars in cash per share without interest.

The transaction marks the end of public trading for the firm's Class A ordinary shares. The business has requested that the NYSE suspend trading and submit the formal delisting notification on Form 25 to the Securities and Exchange Commission (SEC).

Cash consideration terms set for warrant holders

Holders of outstanding warrants are eligible to receive two dollars in cash, subject to valid exercise procedures under the governing warrant agreement. For a 30-day period concluding on November 23, 2026, the exercise price has been temporarily adjusted to 1.999647 dollars per warrant, reflecting a reduction based on the Black-Scholes warrant valuation.

Following the conclusion of this promotional window, the exercise price for warrants entitled to the cash consideration will return to 11.50 dollars per whole warrant. Unexercised warrants will remain valid until their contractual expiration at 5pm Eastern Standard Time on October 28, 2027.

Independent directors received financial counsel from US advisory firm Kroll and legal representation from UK law firm DLA Piper UK, while Sullivan & Cromwell and Maples and Calder acted as legal advisors to the acquisition entities.