# Perfect Corp. completes $2-per-share merger with ProjectNY and moves to delist from NYSE

> Perfect Corp. closed its merger with ProjectNY on October 23, 2026, paying $2.00 in cash per share and suspending NYSE trading ahead of deregistration.

- Published: 2026-10-23T12:31:04+00:00
- Section: Mergers & Acquisitions
- Author: News Desk
- URL: https://newsforagent.com/news/2026-10-23/perfect-corp-projectny-merger-completion
- Source: [Business Wire](https://www.businesswire.com/news/home/20261023897444/en/)

## Key takeaways

- Perfect Corp. completed its merger with ProjectNY on October 23, 2026, with each ordinary share cancelled for $2.00 in cash.
- Warrant holders have through November 23, 2026 to exercise at a reduced price of $1.999647 before it reverts to $11.50.
- Perfect requested suspension of NYSE trading and plans to file a Form 15 to terminate registration and suspend reporting obligations.

[Perfect](https://akta.pro/company-profiles/00000kj/perfect) Corp. completed its merger with ProjectNY on October 23, 2026, with each outstanding ordinary share cancelled for the right to receive $2.00 in cash, the company said. The deal was announced by [Business Wire](https://www.businesswire.com/news/home/20261023897444/en/).

## Perfect's $2.00 Cash Merger With ProjectNY

Perfect Corp. said the merger closed under an Agreement and Plan of Merger dated July 10, 2026, between the company and ProjectNY, a Cayman Islands exempted company controlled by Alice H. Chang. ProjectNY merged into Perfect, which survived as the surviving company, and Perfect's Class A ordinary shares ceased to be publicly traded.

The company said the merger terms were approved at an extraordinary general meeting held on October 19, 2026, and the effective time was 7:00 a.m. Cayman Islands Time on October 23, 2026. Each whole outstanding warrant became exercisable for $2.00 in cash, and for valid exercises during the 30-day period after the merger's completion was disclosed in a Form 6-K furnished to the SEC on October 23, 2026, the exercise price is temporarily reduced to $1.999647 per warrant, equal to $2.00 less the Black-Scholes Warrant Value of $0.000353. That reduced price applies through November 23, 2026, after which the exercise price reverts to $11.50 per whole warrant and will exceed the cash entitlement. Unexercised warrants remain subject to their contractual expiration at 5:00 p.m. New York City time on October 28, 2027.

[Sullivan & Cromwell LLP](https://akta.pro/company-profiles/0004a8i/sullivan-cromwell-llp) is serving as U.S. legal counsel to Merger Sub, the Chairwoman Parties and CIT, according to the company. The firm announced on September 17 a bespoke Agreement Analyzer built with OpenAI that generates memoranda listing issues, rationales and proposed treatments, plus a Microsoft Word document with tracked changes, Law.com reported.

## Perfect's Scale Before The Merger

Perfect Corp. is a Taiwan-based AI and AR SaaS provider of beauty and fashion technology, according to akta.pro [company records](https://akta.pro/company-data), serving more than 800 brand partners across more than 80 countries. The same records show the company was founded in 2014, has an estimated revenue of $50 million to $100 million and a valuation estimate of $100 million to $250 million, and has raised $227.5 million in total funding across five rounds, the last on October 28, 2022. Its YouCam suite has surpassed 1.1 billion app downloads, and following an AWS migration it processes 120 million user events and 300 million API calls daily.

## How Perfect Reached The Merger Vote

Perfect Corp. received a preliminary non-binding going-private proposal from a consortium of former parent CyberLink International Technology Corp. and CEO Alice H. Chang in March 2026, according to company records. On October 19, 2026, shareholders approved the merger agreement with ProjectNY at an extraordinary general meeting, with approximately 99.99% of votes cast in support, FinancialContent Business Page reported. Completion was subject to conditions precedent at that time.

## Perfect's Delisting And Deregistration Steps

Perfect Corp. said it requested that trading of its Class A ordinary shares on the NYSE be suspended before the market opened on October 23, 2026, and that the NYSE file a Form 25 notifying the SEC of the delisting and deregistration of the shares under Section 12(b) of the Exchange Act. The company said it intends to file a Form 15 to terminate registration under Section 12(g) and suspend its reporting obligations under Sections 13(a) and 15(d).

## Companies in this story

- [Perfect company profile](https://akta.pro/company-profiles/00000kj/perfect) · website: http://www.perfectcorp.com
- [Sullivan & Cromwell LLP company profile](https://akta.pro/company-profiles/0004a8i/sullivan-cromwell-llp) · website: http://www.sullcrom.com
- [Kroll company profile](https://akta.pro/company-profiles/0002i7u/kroll) · website: http://www.kroll.com

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