Perfect Corp. Announces US$20 million Share Repurchase Plan by the Company
May 04 2023 - 6:50AM
Business Wire
Perfect Corp. (NYSE: PERF) (“Perfect” or the “Company”), a
global leader in providing augmented reality (“AR”) and artificial
intelligence (“AI”) Software-as-a-Service (“SaaS”) solutions to
beauty and fashion industries, today announced its board of
directors (the “Board”) has authorized a share repurchase plan
under which the Company may repurchase up to US$20 million of its
Class A ordinary shares over the next 12-month period. The Company
plans to adopt and implement such share repurchase plan in
accordance with applicable rules and requirements under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and the Company’s insider trading policy.
This authorization reflects the Board’s belief that the shares
of the Company are currently undervalued. Ms. Alice H. Chang, the
Founder, Chairwoman, and Chief Executive Officer of Perfect,
commented, “Based on the strength of our balance sheet, coupled
with our recent strong growth momentum in AR/AI cloud solutions and
subscription revenues as well as long-term outlook, we believe an
opportunity exists to create value for our shareholders while
continuing to fund operations and invest in our key growth-driving
initiatives.”
The Company’s proposed repurchases may be made from time to time
in the open market at prevailing market prices, in privately
negotiated transactions, in block trades and/or through other
legally permissible means, depending on market conditions and in
accordance with applicable rules and regulations, including Rule
10b-18 and/or Rule 10b5-1 under the Exchange Act. The timing and
dollar amount of repurchase transactions made pursuant to the
Company’s share repurchase plan will be subject to various factors,
including the Company’s capital position, liquidity, financial
performance, alternative uses of capital, stock price, regulatory
requirements and general market conditions. The Board will review
the share repurchase plan periodically, and may authorize
adjustment of its terms and size. The Company expects to fund the
repurchases out of its existing cash balance.
About Perfect Corp. Founded in 2015, Perfect is a global
leader in providing AR and AI SaaS solutions to beauty and fashion
industries. Utilizing facial 3D modeling, and AI deep learning
technologies, Perfect empowers beauty brands with product try-on,
facial diagnostics, and digital consultation solutions to provide
consumers with an enjoyable, personalized, and convenient
omnichannel shopping experience. Today, Perfect has the 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. For more information, visit
https://ir.perfectcorp.com/.
Forward-Looking Statements This communication contains
forward-looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933, as amended, or the Securities Act, and
Section 21E of the U.S. Securities Exchange Act of 1934, as
amended, or the Exchange Act, that are based on beliefs and
assumptions and on information currently available to Perfect. In
some cases, you can identify forward-looking statements by the
following words: “may,” “will,” “could,” “would,” “should,”
“expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,”
“predict,” “project,” “potential,” “continue,” “ongoing,” “target,”
“seek” or the negative or plural of these words, or other similar
expressions that are predictions or indicate future events or
prospects, although not all forward-looking statements contain
these words. Any statements that refer to expectations, projections
or other characterizations of future events or circumstances,
including strategies or plans, are also forward-looking statements.
These statements involve risks, uncertainties and other factors
that may cause actual results, levels of activity, performance or
achievements to be materially different from those expressed or
implied by these forward-looking statements. These statements are
based on Perfect’s reasonable expectations and beliefs concerning
future events and involve risks and uncertainties that may cause
actual results to differ materially from current expectations.
These factors are difficult to predict accurately and may be beyond
Perfect’s control. Forward-looking statements in this communication
or elsewhere speak only as of the date made. New uncertainties and
risks arise from time to time, and it is impossible for Perfect to
predict these events or how they may affect Perfect. In addition,
risks and uncertainties are described in Perfect’s filings with the
Securities and Exchange Commission. These filings may identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Perfect cannot assure you that
the forward-looking statements in this communication will prove to
be accurate. There may be additional risks that Perfect presently
does not know or that Perfect currently does not believe are
immaterial that could also cause actual results to differ from those
contained in the forward-looking statements. In light of the
significant uncertainties in these forward-looking statements, you
should not regard these statements as a representation or warranty
by Perfect, its directors, officers or employees or any other
person that Perfect will achieve its objectives and plans in any
specified time frame, or at all. Except as required by applicable
law, Perfect does not have any duty to, and does not intend to,
update or revise the forward-looking statements in this
communication or elsewhere after the date of this communication.
You should, therefore, not rely on these forward-looking statements
as representing the views of Perfect as of any date subsequent to
the date of this communication.
Category: Investor Relations
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version on businesswire.com: https://www.businesswire.com/news/home/20230504005622/en/
Investor Relations Robin Yang, Partner ICR, LLC Email:
Investor_Relations@PerfectCorp.com Phone: +1 (646) 880 9057
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