NYSE Files Form 25 to Delist Perfect Corp. Class A Shares

What happened

The New York Stock Exchange filed a Form 25 with the Securities and Exchange Commission on October 23, 2026 to strike Perfect Corp.'s Class A ordinary shares from listing and registration on the exchange, according to the filing.

Perfect Corp. is a software company based in New Taipei City, Taiwan, that provides augmented reality and artificial intelligence beauty and skin analysis technology, according to its SEC registration as a services-prepackaged software company. Its Class A ordinary shares traded under the ticker PERF.

The stock closed at $1.99 on the event date, unchanged from the prior close, according to the price data. The filing does not state a reason for the delisting.

The filing

The Form 25 was signed by Nadia Surges, an analyst at the NYSE, and lists the issuer as Perfect Corp. and the exchange as the New York Stock Exchange LLC. The security covered is the Class A Ordinary Share.

The form includes checkboxes for several provisions of Rule 12d2-2, which set out the grounds on which an exchange can strike a security from listing. The text provided does not make clear which box, if any, was marked, so the specific ground the NYSE relied on is not established by the sources.

The form also contains a standard certification that the exchange "has reasonable grounds to believe that it meets all of the requirements for filing the Form 25."

What this means

A Form 25 is the notification an exchange or issuer files with the SEC to remove a security from listing and from registration under Section 12(b) of the Securities Exchange Act of 1934. Once the removal takes effect, the shares no longer trade on the exchange and the company is no longer subject to the reporting obligations that come with that listing.

This filing concerns Class A ordinary shares, which are the company's equity, not debt. A Form 25 for common equity is a significant event: it means the shares are being removed from the exchange. That is different from a Form 25 filed for notes or bonds reaching maturity, which is routine housekeeping.

The form can be filed by the exchange or by the issuer. Here the NYSE filed it, and the form's language refers to the exchange having complied with its rules to strike the class of securities. The filing does not explain whether the company requested the delisting, whether the exchange acted on its own under a listing rule, or what happens to the shares afterward, such as whether they will trade over the counter.

The next step in the process is that the delisting becomes effective, typically after the SEC processes the notice, and the company's registration of the class is withdrawn. The filing does not state a timeline or any plan for the shares after delisting.