Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
- Peter Lynch
What is insider trading>>
CUSIP No. G7006A109
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
Perfect Corp.
(Name of Issuer)
Class A Ordinary Shares, par value $0.10 per share
(Title of Class of Securities)
G7006A109**
(CUSIP Number)
Jau H. Huang
Director, CyberLink International Technology Corp.
15F., No.100, Minquan RD., Xindian Dist.
New Taipei City 231
Taiwan (R.O.C)
+886-2-8667-1298
(Name, Address and Telephone Number of Person
Authorized to
Receive Notices and Communications)
October 28, 2022
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
CUSIP No. G7006A109
| 1 | NAMES OF REPORTING PERSONS:
CyberLink Corp. | ||||
| I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): | ||||
| (a) x | |||||
| (b) o | |||||
| 3 | SEC USE ONLY: | ||||
| 4 | SOURCE OF FUNDS (SEE INSTRUCTIONS): | ||||
| OO | |||||
| 5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): | ||||
| o | |||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION: | ||||
| Taiwan | |||||
| 7 | SOLE VOTING POWER: | ||||
| NUMBER OF | 0 | ||||
| SHARES | 8 | SHARED VOTING POWER: | |||
| BENEFICIALLY | |||||
| OWNED BY | 36,960,961 Class A Ordinary Shares (1) | ||||
| EACH | 9 | SOLE DISPOSITIVE POWER: | |||
| REPORTING | |||||
| PERSON | 0 | ||||
| WITH | 10 | SHARED DISPOSITIVE POWER: | |||
| 36,960,961 Class A Ordinary Shares (1) | |||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: | ||||
| 36,960,961 Class A Ordinary Shares (1) | |||||
| 12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): | ||||
| o | |||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): | ||||
| 36.4% (2) | |||||
| 14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): | ||||
| CO | |||||
2
CUSIP No. G7006A109
| 1 | NAMES OF REPORTING PERSONS:
CyberLink International Technology Corp. | ||||
| I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): | ||||
| (a) x | |||||
| (b) o | |||||
| 3 | SEC USE ONLY: | ||||
| 4 | SOURCE OF FUNDS (SEE INSTRUCTIONS): | ||||
| OO | |||||
| 5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): | ||||
| o | |||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION: | ||||
| British Virgin Islands | |||||
| 7 | SOLE VOTING POWER: | ||||
| NUMBER OF | 0 | ||||
| SHARES | 8 | SHARED VOTING POWER: | |||
| BENEFICIALLY | |||||
| OWNED BY | 36,960,961 Class A Ordinary Shares (1) | ||||
| EACH | 9 | SOLE DISPOSITIVE POWER: | |||
| REPORTING | |||||
| PERSON | 0 | ||||
| WITH | 10 | SHARED DISPOSITIVE POWER: | |||
| 36,960,961 Class A Ordinary Shares (1) | |||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: | ||||
| 36,960,961 Class A Ordinary Shares (1) | |||||
| 12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): | ||||
| o | |||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): | ||||
| 36.4% (2) | |||||
| 14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): | |
| CO, IV | ||
| (1) Represents (a) 36,660,961 Class A Ordinary Shares issued to CyberLink International
Technology Corp., a wholly-owned subsidiary of CyberLink Corp. (“CyberLink International”), all of which are Perfect
Shareholder Lock-Up Shares, as defined in the Perfect Shareholder Lock-Up Agreement (as defined below), in connection with the Recapitalization
(as defined in the Business Combination Agreement) before the consummation of the Business Combination (as defined below) on
October 28, 2022, in accordance with the terms of the New Registration Rights Agreement (as defined below), and (b) 300,000
Class A Ordinary Shares held by CyberLink International pursuant to its PIPE investment in Perfect Corp. (2) Percentage is calculated based on 101,475,077 Class A Ordinary Shares as of January 18, 2023. | ||
3
CUSIP No. G7006A109
Item 1. Security and Issuer.
This statement on Schedule 13D (this “Schedule 13D”) relates to the beneficial ownership interests of the Reporting Persons (as defined below) in the Class A ordinary shares, par value $0.10 per share (the “Class A Ordinary Shares”), of Perfect Corp., a Cayman Islands exempted company with limited liability (the “Issuer”). The principal executive office of the Issuer is 14F, No. 98 Minquan Road, Xindian District, New Taipei City 231, Taiwan.
Item 2. Identity and Background.
(a)-(c) This Schedule 13D is being filed by the following entity (the “Reporting Persons”):
| Name | State or Other Place of Organization | Principal Business | Address of Principal Office |
| CyberLink Corp. | Taiwan | Software Company and 100% shareholder of CyberLink International Technology Cop. | 15F., No.100, Minquan Rd., Xindian Dist., New Taipei City 231, Taiwan (R.O.C.) |
| CyberLink International Technology Corp. | British Virgin Islands | Investment Firm and subsidiary of CyberLink Corp. | Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin Islands |
CyberLink International Technology Corp. is a wholly-owned subsidiary of CyberLink Corp., and CyberLink Corp. may be deemed to indirectly beneficially own the securities of the Issuer held by CyberLink International Technology Corp.
(d) – (e) No Reporting Person has been: (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which, he, she or it was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f) Not applicable.
Item 3. Source and Amount of Funds or Other Consideration.
The information set forth or incorporated in Item 4 is incorporated by reference in its entirety into this Item 3.
On March 3, 2022, Provident Acquisition Corp. (“Provident”) entered into the Agreement and Plan of Merger with the Issuer, Beauty Corp., an exempted company incorporated with limited liability under the laws of Cay man Islands and a wholly-owned subsidiary of the Issuer (“Merger Sub 1”) and Fashion Corp., an exempted company incorporated with limited liability under the laws of Cayman Islands and a wholly-owned subsidiary of the Issuer (“Merger Sub 2”), and on September 16, 2022, the Sponsor entered into the First Amendment to Agreement and Plan of Merger with the Issuer, Merger Sub 1 and Merger Sub 2 (collectively, the “Business Combination Agreement”).
On October 27, 2022, the FPA Investors completed the FPA Investment. On October 28, 2022 (the “Closing Date”), pursuant to the Business Combination Agreement, (i) Merger Sub 1 merged with and into Provident (the “First Merger”), with Provident surviving the First Merger as a wholly-owned subsidiary of the Issuer, and (ii) immediately after the consummation of the First Merger, Provident (as the surviving company of the First Merger) merged with and into Merger Sub 2 (the “Second Merger”), with Merger Sub 2 surviving the Second Merger as a wholly-owned subsidiary of the Issuer (the “Business Combination”).
4
CUSIP No. G7006A109
On the Closing Date, immediately prior to the effective time of the First Merger (the “First Merger Effective Time”), (i) the Sixth Amended and Restated Memorandum and Articles of Association of the Issuer became effective, and (ii) the Issuer effected a share combination such that each common share of the Issuer, par value $0.10 per share, and each preferred share of the Issuer, par value $0.10 per share, was consolidated into a number of shares based on a combination factor provided under the Business Combination Agreement, and upon such share combination, each resulting share was repurchased and cancelled in exchange for the issuance of one Class A Ordinary Share (where the holder thereof was not DVDonet.com. Inc., Golden Edge Co., Ltd., World Speed Company Limited or Alice H. Chang (each, a “Founder Party”)), or one Class B ordinary shares of the Issuer, par value $0.10 per share (the “Class B Ordinary Share”) (where the holder thereof was a Founder Party).
Pursuant to the Business Combination Agreement, (i) immediately prior to the First Merger Effective Time, each Provident Class B Ordinary Share, outstanding immediately prior to the First Merger Effective Time was automatically converted into one Provident Class A Ordinary Share in accordance with the amended and restated memorandum and articles of association of Provident, and, (ii) after giving effect to such automatic conversion, at the First Merger Effective Time and as a result of the First Merger, (a) each issued and outstanding Provident Class A Ordinary Share, including but not limited to each of the Forward Purchase Shares, was cancelled in exchange for the right to receive one Class A Ordinary Share, and (b) each outstanding and unexercised warrant of Provident, including but not limited to each of the Forward Purchase Warrants and Private Placement Warrants, was converted into a corresponding warrant of the Issuer exercisable for Class A Ordinary Shares (the “Perfect Warrant”).
The Reporting Persons previously held 207,072,995 shares, which converted into 36,660,961 Class A Ordinary Shares of the Issuer as a result of the consummation of the Business Combination. Additionally, the Reporting Persons subscribed to 300,000 Class A Ordinary Shares pursuant to its PIPE investment in the Issuer, which collectively resulted in them holding over 5% of the Issuer's Section 12(b) securities.
On October 31, 2022, the Class A Ordinary Shares and Perfect Warrants began trading on the New York Stock Exchange under the symbols “PERF” and “PERF WS,” respectively.
Except where otherwise specified above, the source of funds required for the purchases described herein were from general funds available to the Reporting Persons.
The information set forth in this Item 3 and the foregoing descriptions of the Private Placement Warrants Purchase Agreement, Forward Purchase Agreement, and the Business Combination Agreement are qualified in their entirety by reference to the documents themselves, which are filed as Exhibit 99.1, Exhibit 99.2, Exhibit 99.3 and Exhibit 99.4, respectively, to this Schedule 13D and are incorporated by reference herein.
Item 4. Purpose of the Transaction.
The information set forth or incorporated in Item 3 is incorporated by reference in its entirety into this Item 4.
The Reporting Persons acquired the Class A Ordinary Shares beneficially owned by it for investment purposes and to facilitate the formation of a strategic relationship between itself, its affiliates and a complementary operating company.
Registration Rights Agreement
In connection with the execution of the Business Combination Agreement on March 3, 2022, the Issuer entered into subscription agreements among the Issuer, Provident, and the PIPE Investors, including CyberLink International, containing certain registration obligations of the Issuer.
On Closing Date, the Issuer, Provident Acquisition Holdings Ltd. (the “Sponsor”) and certain shareholders, including CyberLink International, entered into the registration rights agreement in connection with the consummation of the Business Combination (the “New Registration Rights Agreement”) containing customary registration rights for the Sponsor and the shareholders of the Issuer who are parties thereto.
5
CUSIP No. G7006A109
Pursuant to the New Registration Rights Agreement, the Issuer will, among other matters, be required to register for resale securities held by the shareholders who are signatories of the New Registration Rights Agreement. In addition, those shareholders have certain customary “piggyback” registration rights with respect to registrations initiated by the Issuer. The Issuer will bear the expenses incurred in connection with the filing of any registration statements pursuant to the New Registration Rights Agreement.
The foregoing description of the New Registration Rights Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the New Registration Rights Agreement, which is attached hereto as Exhibit 99.5, respectively, and is incorporated herein by reference.
Perfect Shareholder Lock-Up Agreement
On the Closing Date, the Issuer, the Sponsor and certain the Issuer’s shareholders, including CyberLink International, (the “Perfect Lock-Up Shareholders”) entered into the Perfect Shareholder Lock-Up Agreement, pursuant to which each Perfect Lock-Up Shareholder agreed not to transfer: (i) any Ordinary Shares held by such Perfect Lock-Up Shareholder immediately after the effective time of the Second Merger (the “Second Merger Effective Time”), (ii) any Ordinary Shares issuable upon the exercise of options or warrants to purchase Ordinary Shares held by such Perfect Lock-Up Shareholder immediately after the Second Merger Effective Time (along with such options or warrants themselves), (iii) any Ordinary Shares acquirable upon the conversion, exercise or exchange of any securities convertible into or exercisable or exchangeable for Ordinary Shares held by such Perfect Lock-Up Shareholder immediately after the Second Merger Effective Time (along with such securities themselves) and (iv) any Shareholder Earnout Shares to the extent issued pursuant to the Business Combination Agreement ((i) through (iv) collectively, the “Perfect Shareholder Locked-Up Shares”) during the applicable lock-up period, subject to customary exceptions.
The Perfect Shareholder Lock-Up Agreement further provides that for CyberLink International the applicable lock-up period will be 12 months from and after the Closing Date.
The foregoing description of the Perfect Shareholder Lock-Up Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Perfect Shareholder Lock-Up Agreement, which is attached hereto as Exhibit 99.6 and is incorporated herein by reference.
General
Although the Reporting Persons currently have no specific plan or proposal to acquire or dispose of any of the Class A Ordinary Shares or any securities exercisable for or convertible into Class A Ordinary Shares, other than as described herein, the Reporting Persons, consistent with its investment and/or business purposes and with the New Registration Rights Agreement, at any time and from time to time may directly or indirectly acquire additional Class A Ordinary Shares or its associated rights or securities exercisable for or convertible into Class A Ordinary Shares or dispose of any or all of its Class A Ordinary Shares or its associated rights or securities exercisable for or convertible into Class A Ordinary Shares depending upon an ongoing evaluation of its investment in such securities, business relationship with the Issuer, applicable legal and/or contractual restrictions, prevailing market conditions, other investment opportunities, liquidity requirements of such Reporting Person and/or other investment considerations.
The Reporting Persons, solely in its capacity as a shareholder or other securityholder of the Issuer, may engage in communications with one or more other shareholders or other securityholders of the Issuer, one or more officers of the Issuer and/or one or more members of the board of directors of the Issuer and/or one or more representatives of the Issuer regarding the Issuer, including but not limited to its operations. The Reporting Persons, in its capacity as a shareholder or other securityholder of the Issuer, may discuss ideas that, if effected, may relate to or result in any of the matters listed in Items 4(a)-(j) of Schedule 13D.
Other than as described above, the Reporting Persons report that neither it nor, to its knowledge, any of the other persons named in Item 2 of this Schedule 13D, currently has any plan or proposal which relates to, or may result in, any of the matters listed in Items 4(a)-(j) of Schedule 13D, although the Reporting Persons may, at any time and from time to time, review or reconsider its position and/or change their purpose and/or formulate plans or proposals with respect thereto.
6
CUSIP No. G7006A109
The information set forth in this Item 4 and the foregoing descriptions of the New Registration Rights Agreement and the Perfect Shareholder Lock-Up Agreement are qualified in their entirety by reference to such agreements, copies of which are filed as Exhibit 99.5 and Exhibit 99.6, respectively, to this Schedule 13D and are incorporated by reference herein.
Item 5. Interest in Securities of the Issuer.
The information contained in rows 7, 8, 9, 10, 11 and 13 on the cover page of this Schedule 13D and the information set forth or incorporated in Items 3 and 4 of this Schedule 13D is incorporated by reference in its entirety into this Item 5.
(a), (b) The following disclosure assumes that there were 101,475,077 Class A Ordinary Shares as of January 18, 2023.
Pursuant to Rule 13d-3 of the rules and regulations promulgated by the SEC pursuant to the Exchange Act, the Reporting Persons may be deemed to beneficially own up to an aggregate of 36,960,961 Class A Ordinary Shares, representing approximately 36.4% of the total Class A Ordinary Shares as of January 18, 2023. This number includes (a) 36,660,961 Class A Ordinary Shares issued to CyberLink International, all of which are Perfect Shareholder Lock-Up Shares, in accordance with the terms of the New Registration Rights Agreement, and (b) 300,000 Class A Ordinary Shares held by CyberLink International pursuant to its PIPE investment in the Issuer.
Each of the directors and executive officers (if applicable) of the Reporting Persons disclaim beneficial ownership of the Class A Ordinary Shares that the Reporting Persons may be deemed to beneficially own.
(c) The Reporting Persons report that neither it, nor to its knowledge, any person named in Item 2 of this Schedule 13D, has effected any transactions in the Class A Ordinary Shares during the past 60 days, except as disclosed herein.
(d) No one other than the Reporting Persons has the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of, any of the securities of the Issuer beneficially owned by the Reporting Persons as described in Item 5.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of Issuer
The information set forth or incorporated in Item 3 and Item 4 is hereby incorporated by reference in its entirety into this Item 6. Other than the matters disclosed in this Schedule 13D, the Reporting Persons are not a party to any contracts, arrangements, understandings, or relationships with respect to any securities of the Issuer, including but not limited to the transfer or voting of any of the securities, finder’s fees, joint ventures, loan or option agreements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.
Item 7. Material to be Filed as Exhibits
7
CUSIP No. G7006A109
*As filed herewith.
8
CUSIP No. G7006A109
SIGNATURE
After reasonable inquiry and to the best of the undersigned’s knowledge and belief, each of the undersigned certifies as to itself that the information set forth in this statement is true, complete and correct.
Dated: February 13, 2023
| CyberLink Corp. | |||
By: |
/s/ Jau H. Huang |
||
| Name: | Jau H. Huang | ||
| Title: | Chairman | ||
| |||
CyberLink International Technology Corp. |
|||
By: |
/s/ Jau H. Huang |
||
| Name: | Jau H. Huang | ||
| Title: | Director | ||
9