Provident Acquisition Corp.
PAQC · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Provident Acquisition Holdings Ltd., listed on Nasdaq in January 2021.
- What it's doing now
- It agreed in September 2022 to buy Perfect Corp., an AI and AR-powered beauty and fashion technology solutions company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Perfect Corp.
- Industry
- AI and AR-powered beauty and fashion technology solutions
- Deal value
- not stated in the filings we hold
- announced 30 September 2022
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 8 January 2021
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- UNIT 11C/D, KIMLEY COMMERCIAL BUILDING, HONG KONG, K3, 00000
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Hitchner Kenneth W (Director) · Kartono Winato (Director) · Beng Michael Aw Soon (Director)
- Listed securities
- PAQC common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
2 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 8 January 2021IPOpassed
IPO size not on file
- 30 September 2022Deal announcedpassed
Combination with Perfect Corp.
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- Perfect Corp.— · announced 30 September 2022closedpost-close PERFSEC primary
The score
deterministic, from filed fieldsPAQC is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Provident Acquisition Corp. was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker PAQC. The company priced its initial public offering on January 8, 2021, under SEC file number 333-251571, a registration of shares sold for cash on Form S-1. The SEC assigned the registrant SIC industry code 7372 (Services-Prepackaged Software). On October 28, 2022, a Form 25 was filed under 17 CFR 240.12d2-2(a)(3), establishing that the company's securities had come to evidence other securities in substitution therefor — Class A Ordinary Shares, Warrant, and Unit — after which the vehicle no longer files.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
Conditioning the closing on the Forward Purchase Agreements means PAQC holders depend on third-party investors performing, not just on the shareholder vote — if the forward purchasers walk, the deal can fail. The 18,100,000 warrants represent a large overhang relative to the 28,415,000 shares registered. The Hong Kong ties disclosure signals the Holding Foreign Companies Accountable Act risk that has cost other China-linked de-SPACs their listings.
The securities being registered are Perfect Corp.'s, not Provident's — the SPAC does not survive as the listed entity, it is merged out through a double-merger and its holders end up in the Cayman Islands target. Alongside that, PIPE Investors have committed to buy Provident Class A Ordinary Shares at $10.00 per share for an aggregate $50,000,000, funding one business day before the First Merger Effective Time, and the filing states those obligations are themselves subject to closing conditions that can be waived.
Two warrant call regimes are stated, at $10.00 and at $18.00 per Class A ordinary share, adjusting to 100% and 180% of the higher of the Market Value and the Newly Issued Price. Warrants become exercisable on the later of 30 days after the initial business combination or 12 months from the closing of the offering and expire five years after the business combination. If no business combination is completed within 24 months from closing, 100% of the public shares are redeemed at the trust amount, less taxes payable and up to $100,000 of interest for dissolution expenses.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
What changed: Provident Acquisition Corp.'s proxy statement and prospectus for 28,415,000 Class A ordinary shares, 18,100,000 redeemable warrants and 18,100,000 Class A shares underlying those warrants of Perfect Corp. covers the Agreement and Plan of Merger as amended by a First Amendment dated September 16, 2022. Closing conditions include the accuracy of representations and material compliance with covenants in the Forward Purchase Agreements. Provident Class B ordinary shares convert, and each surviving company share carries a par value of $0.10. Why it matters: Conditioning the closing on the Forward Purchase Agreements means PAQC holders depend on third-party investors performing, not just on the shareholder vote — if the forward purchasers walk, the deal can fail. The 18,100,000 warrants represent a large overhang relative to the 28,415,000 shares registered. The Hong Kong ties disclosure signals the Holding Foreign Companies Accountable Act risk that has cost other China-linked de-SPACs their listings.
pipenothing moved · 1 with no prior record of ours
- PIPE
- no earlier filing$2.5M
The clause …“for its services prescribed under the M&A advisor engagement letter is up to $2.5 million (subject to certain reductions for proceeds of PIPE Investment agreed to be excluded for purposes of fees calculation). In addition, the”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Provident Acquisition Holdings Ltd.named as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1282 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + W/2 · 100.0% of the $10 unit
from 424B4 0000950103-21-000262
Trading & liquidity
Company profile
Directors & officers
- Hitchner Kenneth WDirector
- Kartono WinatoDirector
- Beng Michael Aw SoonDirector
- Hoffmann Andrew JosephDirector
- Broadley Charles MarkDirector
- Williamson John Mackay McCullochDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
2 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Provident Acquisition Holdings Ltd.18.5% · SC 13GJan 19, 2022 stale
- RP Investment Advisors LPwith 4 other reporting persons on the same schedule2.2% · SC 13G/AFeb 11, 2022 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault note — PAQC (Provident Acquisition Corp.)
vault-note · /vault/tickers/PAQC
- Vault deal note — Perfect Corp. (PAQC)
vault-note · /vault/deals/perfect-corp
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail5 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 7372 (Services-Prepackaged Software). The screen found it by filing SHAPE instead — S-1 2020-12-22 → 8-A12B 2021-01-07 → 424B4 2021-01-08 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 7372 + self-described blank check in 424B4 0000950103-21-000262; 424B 0000950103-21-000262 priced 2021-01-08 under S-1 0000950103-20-024542 (file 333-251571, an offering for cash); common ticker PAQC off 10-Q 0001104659-22-083641 (2022-07-28); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-251571, which belongs to S-1 0000950103-20-024542 (2020-12-22) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-01-08). Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-22-000616 (2022-10-28) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Class A Ordinary Shares, Warrant, Unit). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Provident Acquisition Holdings Ltd." sourced from prospectus definition (10-K/A) acc 0001104659-22-036040.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read