The New York Stock Exchange began proceedings to delist the warrants (ticker PERF WS) issued by Perfect Corp. on April 15 2026, and trading in the warrants was suspended immediately. Each warrant gives the holder the right to purchase one Class A ordinary share at an exercise price of $11.50.
The delisting follows the NYSE’s determination that the warrants no longer meet listing requirements, primarily because their trading price has fallen to abnormally low levels. Under NYSE rules, warrants must be issued to purchase a security that is already listed or will be listed concurrently, and the exchange has broad discretion to remove securities that fail to meet these standards.
Warrant holders will no longer be able to trade the securities on the NYSE, but the ordinary shares of Perfect Corp. (ticker PERF) continue to trade normally. The company’s shares remain listed and are not affected by the delisting action.
Perfect Corp. reported strong financial performance in the most recent quarter. Revenue for the three months ended December 31 2025 rose 14.2% to $18.1 million, and full‑year revenue for 2025 increased 14.9% to $69.2 million. Gross margin for the quarter was 80.5%, and the full‑year gross margin was 77.4%, indicating healthy profitability in its AI and AR solutions business.
In addition to the delisting, a preliminary non‑binding proposal from CyberLink International Technology Corp. and Chairwoman Alice H. Chang to take Perfect Corp. private at $1.95 per ordinary share was received on March 18 2026. The offer represents a 44.4% premium to the company’s closing price on March 17 2026 and is backed by a consortium that owns approximately 53.4% of the company’s outstanding shares. The proposal has attracted significant market attention and could lead to a privatization of the company if accepted.
The delisting reduces liquidity for warrant holders, but the ordinary shares remain listed and continue to provide investors with an avenue to participate in the company’s growth. The going‑private proposal introduces a potential shift in ownership structure and could ultimately change the company’s strategic direction. Investors should monitor the progress of the delisting proceedings and the status of the privatization proposal for further developments.
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