SPAC Provident Acquisition up after $1 bln deal to take Perfect public

Perfect

03/03/2022 13:27

** Blank-check firm's  PAQC.O  shares up 1.63% at $9.95
premarket 
    ** Beauty tech firm Perfect Corp on Thursday agreed to list
in the United States through a merger with Provident Acquisition
Corp in a deal that values it at $1.02 bln  urn:newsml:reuters.com:*:nL3N2V60NJ
    ** As per the terms, Perfect expects the deal to provide
proceeds of up to $335 mln, including $230 mln from the special
purpose acquisition company's trust account, assuming no
redemptions
    ** Proceeds also include a $50 mln private investment in
public equity, anchored by investors Chanel, CyberLink, Shiseido
and Snap
    ** Blank-check firms, or SPACs, are publicly listed shell
companies that raise funds to merge with private companies,
thereby taking them public 
    ** After the deal closes towards Q3 2022, Perfect expects to
list on the Nasdaq under the new ticker "PERF"

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))