The corporate-backed virtual cosmetics app developer’s SPAC merger later this year is set to be boosted by $50m in financing from investors including CyberLink, Chanel, Shiseido and Snap.

Perfect Corp, a Taiwan-headquartered beauty app developer spun off by facial recognition technology provider CyberLink, agreed a reverse merger with special purpose acquisition company (SPAC) Provident Acquisition Corp yesterday. The combined entity will have a valuation of $1.02bn through the deal and take the spot on the Nasdaq Capital Market acquired by Provident when it…

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