Under the terms of the agreement, shareholders will receive $2 in cash for every share held at the time of the merger. The transaction, which effectively strips the company of its public status, is controlled by Alice Chang through the ProjectNY investment vehicle. Once the deal concludes, Perfect will be absorbed into ProjectNY, continuing as a privately held firm.

Closing of the transaction is slated for the final quarter of 2026. The move remains subject to customary closing conditions and final approval from the company’s shareholders. This exit follows the non-binding proposal first disclosed by the company in March, which triggered the valuation gap between the stock's recent market performance and the final cash payout.